Trinidad and Tobago EITI Report 2023 and 2024
Chair, TTEITI Steering Committee
A graduate of the University of the West Indies, Mr McGuire holds bachelor's and master's degrees in economics. He has also had extensive post-graduate management training at the Balanced Scorecard Collaborative, Harvard Business School, MW Kellogg School of Management, Oxford College of Petroleum Studies, and the London Strategic Planning Society. Mr. McGuire has had a distinguished career in Business spanning thirty years. He spent 23 years at the National Gas Company of Trinidad and Tobago Limited,( NGC) where he had managerial responsibility mainly for the Strategic Planning and Marketing process.
Crude oil prices experienced a period of volatility, with brief increases early in the fiscal year followed by a sustained downward trend. Prices fell to their lowest levels in several years before recovering modestly toward the middle of 2025. Overall, the average price of crude oil during this period declined compared to the previous year. These trends reflect heightened market uncertainty and continued downward pressure on global energy prices, underscoring the vulnerability of Trinidad and Tobago’s economic outlook to ongoing shifts in international oil and gas markets.
Current Market Conditions and Energy Outlook
In 2025, the global oil market experienced price volatility because of the ongoing tension between forces of demand and supply. There was some downward pressure on prices during the last quarter of the year. This is largely due to increased global inventories and the explosive growth in production from our Caricom partner, Guyana and other non Opec suppliers. Production in the South American Republic has grown from first oil in 2019 to in excess of 900,000 barrels per day in 2025.
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On the demand side, the positive impact of strong growth in China and emerging markets was in part offset by downside market pressures. Technological advancements and declining costs have led to greater investment in renewable energy projects. Additionally, the ongoing Russia-Ukraine war has created a need for alternative power generation suppliers in Europe. The latest short-term energy outlook from the US Energy Information Administration (EIA) confirms the continued downward trend in oil prices, with Brent crude projected to average US$62 per barrel in the fourth quarter of 2025 and $52 per barrel in 2026. West Texas Intermediate (WTI) crude oil prices are expected to average US$48.33 per barrel in 2026, slightly lower than the anticipated average for 2025. The Henry Hub natural gas spot price is forecasted to rise to US$4.10 per million British thermal unit (mmBtu) in January 2026. According to the World Bank outlook, Europe’s natural gas price is projected to reach US$10.8 per mmBtu, and Japan’s LNG price is expected to be US$11.5 per mmBtu in the first quarter of 2026. These trends and projections have important implications for Trinidad and Tobago’s revenue, especially as the country faces ongoing fiscal and social challenges.
National Fiscal Performance and Production Trends
Over the last fifteen years (since 2010) Trinidad and Tobago has witnessed the typical boom and bust cycle associated with energy export economies. Nevertheless, the country has carried a fiscal deficit in every year except 2010, 2011 and 2022. The recent national budget indicates yet another fiscal deficit of TT$3.86 billion. As of June 2025, gas production stands at 2,542 million standard cubic feet per day (mmscf/d), representing a 34 percent decline compared to production levels in 2015. This decrease has affected exports of LNG, ammonia, and methanol, which in turn has impacted national revenue and foreign exchange earnings. Oil production, as at June 2025, also declined by 33% percent compared to production levels in 2015, from 78,656 barrels per day (bopd) to 52,774 bopd. Despite these challenges, there have been encouraging developments in the sector.
Positive Developments in the Extractive Sector
Trinidad and Tobago has welcomed ExxonMobil’s return to the market, marked by the signing of a deep water production sharing contract for the TT UD-1 block. In the 2025 deep water bid round, the country received four bids on blocks from two bidders: China National Offshore Oil Corporation (CNOOC) International Limited and a consortium consisting of STIT Energy Limited and GROUNDPORTS Limited. Additionally, the utility-scale solar project is slated to be fully operational by the first quarter of 2026, and a new Atlantic arrangement designed to minimize transfer pricing risks is now in effect. These advancements underscore the continued relevance of the EITI, as transparency remains crucial in both prosperous and challenging times.
Expanded Scope of EITI Reporting
Participation in the EITI has consistently equipped citizens with valuable data about the extractive sector. This year’s report, which covers the years 2023 and 2024, maintains that tradition, covering several new elements introduced in the EITI Standard 2023, including disclosures on gender, anti-corruption, and the energy transition. The report will also continue to provide information on greenhouse gas (GHG) emissions, as well as the measures companies are taking to reduce their carbon footprints. Furthermore, it includes analysis of production sharing contracts and offers recommendations for the Government to improve monitoring of these agreements, with the aim of ensuring fair value for the country. The TTEITI Steering Committee is finalizing its 2026–2028 work plan, which will focus on EITI legislation, integrating EITI clauses into contracts and licenses, and exploring digital reporting solutions to reduce costs.
Recognition of Stakeholder Contributions
On behalf of the TTEITI Steering Committee and Secretariat, I wish to acknowledge the significant roles played by all stakeholders—including government, extractive companies, and civil society—in leading EITI implementation over the past year and in producing this report. Participating companies have voluntarily disclosed their revenue payments for public scrutiny, while state revenue collection agencies have demonstrated their commitment to transparency by sharing extensive data. I especially commend the Minister of Energy and Energy Industries and the team at the Ministry of Energy and Energy Industries, as well as the Ministry of Finance’s Board of Inland Revenue and Investment Division, for their unwavering support. Civil society representatives on the Steering Committee have also successfully disseminated EITI data to a wider national civil society network.
I further appreciate the professionalism of PKF Limited, supported by Engaged Consulting and Michael Barron Consulting, in conducting the analysis for this report as the EITI Independent Administrator. Finally, I extend my sincere thanks to the TTEITI Steering Committee, all sub committees—including the technical, environmental, legal, tenders, and communication sub committees—and the Secretariat for their continued contributions to EITI implementation.
Gregory McGuire Chairman,
TTEITI Steering Committee
19 September 2025
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