Government recorded its highest share of profits from local Production Sharing Contracts (PSC) in 2022.
According to the T&T Extractive Industries Transparency Institute’s Report, there was a substantial increase in the PSC share of profit between fiscal year 2021 and fiscal year 2022. The uptick was 255%, jumping from TT$2.7 billion in 2021 to TT$9.6 billion in 2022 – the highest in nine years.
From 2014 to 2023, Government collected TT$39.5 billion in the PSC share of profit, and it paid TT$26 billion in taxes from these profits on behalf of its PSC partners to the Board of Inland Revenue.
For 2023, the share of profit remained high, with the Government receiving TT$8.2 billion. Shell and NGC emerged as the leading contributors, making payments of TT$4.6 billion and TT$2.4 billion, respectively, in 2023.