Overview of the Extractive Industries

Trinidad and Tobago is a leading hydrocarbon producer in the region of Latin America and the Caribbean. It is the second largest natural gas producer in the region. Trinidadian’s natural gas output represented 1.4% of world output in 2009 (the 13^th largest gas exporter in the world). Trinidad's economy is strongly influenced by the petroleum industry. Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8%, significantly above the regional average of about 3.7% for that same period. Oil and gas account for about 40% of GDP and 80% of exports, falling clearly into the list of countries that the IMF designates as “resource-rich”. Trinidad and Tobago is the largest supplier of LNG to the United States and one of the largest LNG exporters in the world. The country has benefited from a large amount of foreign investment into the sector. Leading operators in the natural gas sector are BP Trinidad and Tobago (BPTT),  British Gas (BG) and Chevron. The Atlantic LNG's project, a consortium led by BP, BG, and Repsol-YPF, has increased its overall output capacity by almost 50% in recent years and is the largest LNG train (production module) in the world at 5.2 million tons/year of LNG.

Status of EITI Implementation

Trinidad and Tobago was accepted as an EITI Candidate country on 1 March 2011. It has until 28 August 2013 to complete EITI Validation.

The first reconciliation report is expected in the fourth quarter of 2012 

Governance of EITI implementation

Multi-stakeholder group

EITI Steering Committee

Victor Hart, Chair of the EITI Steering Committee

National Coordinator

Mark Regis

Email: tteitisec [at] gmail [dot] com

Further information about the status of EITI implementation in Norway can be provided by Regional Director Francisco Paris at the EITI International Secretariat.