Oil & Gas Taxation


Oil and Gas Taxation is the collective mechanism through which governments seek to ascertain the central balance between the financial interests of the oil companies and the owners of the reserve. The workshop presents an enlightening and vigorous analysis of the entire taxation chronicle, from the fundamental reflections through advanced calculations applied to the various petroleum tax systems.

Oil and Gas Taxation is a subject of intricacy, assortment and subject to continued fruition, being encased and wrought by versatile geological, technical and market factors together with impulsive political influences.

Target Audience

This workshop would be beneficial to:

  • Individuals working in the oil industry
  • Sub-contractors
  • Inland Revenue Officers
  • Accounting and Finance Personnel interested in oil and gas taxation.

Learning Objectives

Upon completion of this workshop, participants should be able to:

  • Identify the key constituents of Petroleum tax legislation in Trinidad and Tobago.
  • To negotiate contracts from different viewpoints.
  • Demonstrate an understanding of the application of petroleum tax legislation to different situations.
  • Maximise the benefits of petroleum tax legislation their specific organisation.

Programme Outline

Topics covered in this workshop include:



1. Introduction, Scope and Objectives

  • History and development
  • Overview of Oil & Gas Tax Accounting
  • Importance of Oil & Gas taxation
  • Oil & Gas Taxation
  • The Middle East
  • USA
  • T&T

2. Terminology in Oil and Gas Taxation

  • Non-drilling Costs
  • Acquisition Costs
  • Drilling Operations
  • Equipment Costs
  • Production Operations
  • Cost Disposition
  • Losses from unproductive property
  • Percentage depletion
  • Recapture of IDC and Depletion

3. Definitions in Oil and Gas Taxation

  • Acquisition Costs
  • Revenue


4. Principles of Oil and Gas Taxation

  • Introduction
  • Scope of Act
  • Taxation of Contractors
  • Value Added Tax
  • Rate of Tax and Exclusions
  • Limitation and Deductions
  • Interest Deduction
  • Allocation of Expenditures
  • Decommissioning Costs Reserve and Decommissioning Expenditure
  • Depreciation
  • A X B/C
  • Small Field Depreciation
  • Transfer of Interest in Petroleum Agreement
  • Value of Petroleum
  • Withholding Tax
  • Installments of Tax
  • Imposition of Supplemental Petroleum Tax
  • Net Receipts
  • Gross Receipts
  • Deductible Expenditure
  • Transfer of Interest in Petroleum Operations
  • Procedure Relating to Supplemental Petroleum Tax
  • Installments of Supplemental Petroleum Tax
  • Regulations


5. Petroleum Production Levy and Subsidy Act of T&T

  • The meaning
  • Application and Construction of Act
  • Subsidy
  • Petroleum Production Levy
  • Miscellaneous and General

6. Discussions and Questions

Facilitator: Dr. Shaffick Hosein

Dr. Shaffick Hosein BSc (Hons),FBA,MBA,MBIM,CAM,AMITD,FCCA,CA,Ph.D

Dr. Hosein graduated with an Upper Second Class Honors degree in 1978. On completion of his degree, he was appointed Chief Accountant/Office Manager of Cheeseborough Ponds International Limited. He lectured at the University of the West Indies - Extra Mural Department. He holds various academic and professional qualifications including the Fellow in Business Administration (FBA) at the Canadian School of Management in 1989, the Masters of Business Administration (MBA), at the University of Kings College/Canadian School of Management, Toronto, Canada in 1991 with an emphasis in General Management and the Masters of Business Administration (MBA) at City University, USA in 1993 with an emphasis in Finance. He was placed on Dean's Honors list. He also holds a Doctorate (PhD) in Business Administration with a Major in Management from Preston University and a Masters in Law (LLM in Commercial and Corporate Law) from the University of the West Indies. He is a Fellow of the Chartered Association of Certified Accountants (FCCA) and a Member of the Institute of Chartered Accountants in Trinidad and Tobago (ICATT). Dr. Hosein was a Senior Internal Auditor at Trinidad Tesoro Ltd. In that capacity, he was involved in operational and financial matters relating to oil and gas accounting. In addition he served as a Senior Internal Auditor at Trinmar Ltd where he performed oil and gas audits.


Date View Event Calendar
Time 8:30 pm – 4:30 pm
Duration 3 Days
Cost TT $4,500.00 (inclusive of training materials, refreshments and Certificate of Participation) 
Please note that prices are subject to change without notice.
Venue Arthur Lok Jack Graduate School of Business
Max Richards Drive,
Uriah Butler Highway, North West,
Mt. Hope


Tel: 645-6700
Fax: 662-1411


Brent Cassim - ext. 330
Anastasia Mohammed - ext. 328

E-mail:  openenrolment@lokjackgsb.edu.tt


Certificates will only be issued to participants who have attained a minimum attendance rate of 75% for the duration of the course.

Course Cancellation/ Reschedule Policy

Arthur Lok Jack GSB (ALJGSB) reserves the right to cancel training at any time. If ALJGSB cancels the training due to unforeseen circumstances beyond the control of ALJGSB, you are entitled to a full refund of the course fee, or your course fee can be credited toward a future training, based upon availability (providing payments have been made before original advertised date).

ALJGSB reserves the right to reschedule training at any time. If ALJGSB reschedules training due to unforeseen circumstances beyond the control of ALJGSB, the training will take place at the next available time. Participants will be informed via phone and/or e-mails.



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