Responding to a question in the Senate on Tuesday, Ramnarine said that the FDI in the oil and gas sector increased from US$549 million to US$2.5 billion over the three year period.
He told lawmakers that in 2013, oil production averaged 81,200 barrels a day.
“This is a decline over the 2012 figure of 81,700 barrels per day by 0.7 per cent. This compares to an average decline of 8.7 per cent per annum for the period 2006 to 2012. This means that we have for all intents and purposes stabilised the decline in oil production.”
Ramnarine said taxes from oil and gas had increased from TT$17.8 billion (One TT dollar = US$-.16 cents0 in 2010 to TT$20 billion in 2013.
He said the figures did not take into account corporation tax paid by companies at Point Lisas.
Ramnarine said the increase in exploration and production-related activity in the oil and gas industry had come following the coalition government’s move to reform the fiscal regime that governed the energy sector.
“Energy industry leaders have told me that the changes in the last four years should have been implemented a decade ago, but there was stasis and ambivalence in energy policy for the period 2002 to 2010.
“The restructured capital allowance and revised taxation regime…over the period 2010 to 2014 have led to increased investment in the energy sector, increased activity and increased revenue from taxes,” Ramnarine told law makers.