Latest update November 26th, 2024 1:00 AM
Oil likely sooner than projected …Govt. accelerates preparation
Minister of Natural Resources, Raphael Trotman
By Abena Rockcliffe-Campbell
The Government of Guyana has been forced to accelerate its preparations for oil production. This was noted during a recent interview with Minister of Natural Resources, Raphael Trotman.
The Minister said that Exxon Mobil’s confirmation of Guyana’s oil reserve has sparked excitement from both the government and the oil company.
“This tells us that we have to accelerate our preparations,” said Trotman.
The Minister admitted that there is much that needs to be done as part of the preparation process. This is both with regards to legislative measures and other transparency measures that need to be implemented.
Trotman said that over the last year, “we have been trying to understand what we have and how to manage it, but we now need to move at a faster pace.”
As he referenced moves that have already been made in this regard, Trotman mentioned his recent visit to Uganda, saying that “this was part of the preparation process.”
Trotman was accompanied by Minister of Finance Winston Jordan on that trip. It was basically a study mission. The two wanted to observe Uganda’s preparation for oil – the pumping of which is to begin in two years—2018.
Talking about more preparations Trotman said that last week he hosted two oil and gas experts who advised the government and will be lending advice over the next few months. The experts met with various persons and agencies involved.
Trotman also indicated that later this year, he will be taking legislation to the National Assembly. Among the Bills to be taken to the House is one that will govern the Sovereign Wealth Fund.
A Sovereign Wealth Fund is a government-owned investment fund. It has been set up by many countries with oil wealth, and there are several models to choose from.
Trotman also indicated that President David Granger will soon address the nation to speak about the confirmation of Guyana’s oil reserve.
Exxon made its announcement at the end of June.
Trotman said that His Excellency will soon put everything into a national context.
“I can only give you the resource aspect of it, but I think the President is going to bring everything together in terms of what it means for the economy, social issues and so on.
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I seriously doubt Trotman needs advise from outside of cabinet ….. these fellas still behaving like the opposition …
the excitement is intoxicating!