Trinidad and Tobago
Profit before tax
Main business activities
- Integrated Gas
Shell has been active in Trinidad and Tobago since 1913. Shell acquired Repsol’s non-operated interest in Atlantic LNG in 2013 and the 2016 acquisition of BG Group further increased its footprint. Shell has exploration and production activities through operated and non-operated ventures, as well as gas and oil pipelines and LNG facilities.
Country financial analysis
The statutory corporate income tax rate in Trinidad and Tobago is 30%. There is a separate tax regime for petroleum operations with a corporate income tax rate of 55%.
In Trinidad and Tobago, tax filings for companies operating under a production-sharing contract (PSC) are assessed according to the individual legal entity and asset block. In general, losses in one PSC may not be offset against profits arising elsewhere. Tax paid and accrued in 2021 is a result of profits made by the majority of our existing production assets. The increase in revenues is partly a result of the delivery of first gas in Block 5C in mid-July of 2021. Higher prices have also contributed to the rise in revenues.