Monday, October 7, 2013

Tobago Enegy Output Less Than One Percent According TTEITI Report

Oil Rig, Photo Courtesy Centrica
The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI), released its first report last Monday. The report was an independent assessment of the country’s energy sector revenues; it reconciled the monies received from this sector by the government from oil and gas companies operating within the parameters of T&T and reconciled these figures against the revenue reported to have been received by the Government. 

According to the report Tobago’s energy output was totaled at less than one percent (1%), and was derived from one company-Centrica Resources Limited-operating in Block 22 North of Bloody Bay and off the coast of Charlotteville. This revenue reported was for the fiscal year 2011. He indicated that BPTT and BHP Billiton, who also operate blocks on the coast of Speyside, were expected to contribute to the gross energy output of Tobago within the next five to ten years. Their contributions would be highlighted in future TTEITI’’s reports. He further stated that Tobago’s civil society groups have been engaged in workshops in anticipation of the release of the first report. The steering committee, he continued, will be engaging Tobagonians in the near future to afford the public the opportunity to ask questions as it pertains to the report and give appropriate feedback.

Victor Hart the Chairman of TTEITI Multi-stakeholders Steering Committee also stated in a comment to the online article that "Our first TTEITI Report is for fiscal year 2011 (1 Oct 2010 to 30 Sept 2011). The second report will be published in mid-2014 for fiscal 2012 (i.e.to 30 Sept 2012). The reporting has to await the completion of internal audits by companies and government, therefore, it will always be historical. Each report will build on the previous ones and be more refined and helpful to the readers. The aim, in due course, is to report regionally, therefore, Tobago will then be able to identify the revenues generated from exploration in its waters. The success of the EITI will depend on the use made of the published data by the public to hold government and the companies accountable for the management of the people's natural resources and the spending of the revenues earned".

This Multi-stakeholders Steering Committee is charged with the responsibility of implementing the recommendations outlined in the TTEITI report; their primary objective also includes facilitating discussions with the Ministry of Energy and other stakeholders. 

The committee would be engaging Tobagonians in the near future to afford the public the opportunity to ask questions as it pertains to the report and give appropriate feedback.

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