Background

Recognising the need to place greater emphasis on the commercial and fiscal aspects of the energy sector, the government in April 2004 agreed to the immediate establishment of the Commercial Evaluation Division.  Its specific focus was the evaluation of all contracts, business development opportunities and investments.

Vision:

To be a first-rate, dynamic and effective group, structured to achieve maximum benefits for the citizens of Trinidad and Tobago

Mission:

To optimise value of this country’s energy resources and energy related projects.

Core Values:

Commitment to excellence, Motivated, Professionalism, Transparency, Integrity, Customer-focused, Effectiveness, Efficiency, Courtesy, Innovativeness, Commitment, Teamwork, Timely Service Delivery.

Roles and Responsibilities

• Evaluate the commercial and  fiscal terms offered under competitive bid rounds, PSCs, E&Ps and projects
• Review and advise on taxation legislation , fiscal incentives and fiscal policy
• Review this country’s competitive environment
• Review and approve commercial arrangements and prices for the marketing of crude oil
• Ensure maximisation of revenues re: GORTT’s Share of Profit Petroleum, financial obligations
• Determine and evaluate cash flow statements
• Review the financial capability of energy companies
• Participate in negotiations on PSCs and Licences, LNG and Gas Marketing Arrangements.
• Participate in the review of prices for crude oil, natural gas and petrochemicals and pricing committees
• Develop and support use of business, economic and/or fiscal models
• Review the financial performance of state and other energy companies
• Contributions to several reports – Annual Budget Report; Administrative Reports, International Reports.

The Division is staffed with eight persons inclusive of one administrative support person.  At present plans are ongoing to restructure the Commercial Evaluation Division to provide a more effective and efficient Division that will better serve all stakeholders.