Guyana on the right track preparing for oil

May 20, 2013 News

– Commonwealth Secretariat

The Government of Guyana is on the right path as it moves to address, legislative, economic and fiscal issues within the rapidly expanding oil and gas sector. This is the opinion expressed by a two-man team of Commonwealth advisors, which concluded its second one week consultation visit to Guyana.
Economic Advisor, Dr Epken J. Omonbude and Legal Advisor Dr Ibibia L. Worika, both of the Special Advisory Services Division, Commonwealth Secretariat, said that they were impressed with the measures and policies that have been put in place by the Ministry of Natural Resources and the Environment to address the current and future needs of the sector.
Speaking as guests on the National Communications Network’s Round Table Programme, Dr. Omonbude said that they initially visited a year ago to advise Government on several legislative and regulative issues in the oil and gas sector.
He noted that while a National Energy Policy was in place, an “Up Stream” policy was needed. A strategy document to address this shortcoming was crafted and is now in place.
The Economic Advisor noted, however, that the Ministry of Natural Resources and the Environment must continue to build on its current policies and the Commonwealth will play a key role in this process. “The essence of what we do on our assignments is not just to develop these instruments and deliver them and hand them over, we always want there to be the Guyanese ‘Buy In’. It’s not enough for us to come in as outsiders and provide recommendations for want of a better expression, shove them down your throats. We want it to be something that you appreciate, understand and carry on for yourselves, because at the end of the day it would just be an advisory input from the Commonwealth, but it will be the Government of Guyana that puts it forward.”
Dr. Worika said that a key component is stakeholder involvement.
“This is necessary as it will avoid bottlenecks in the future unless all are on onboard from the beginning,” he said. “This is essential to help government craft its policies as it seeks to expand a sector that will be of immense importance”.
Pressed about the proposed time frame for their consultation, the legal advisor said that their scope of work will last about two years, given their deliverables. “Amendments of law take time, not so much because of what we do but perhaps internally, with going through Parliament and all of that,” he stated.
The team of advisors recently completed similar programmes in Pakistan and Uganda.
The Economic and Legal Section of the Commonwealth Secretariat provides technical assistance that focuses on reform of regulatory environments in member states to encourage more investment, private sector development and export growth, with emphasis on trade, and the financial and natural resources sectors such as maritime, mining and petroleum, along with the development of capital markets.
The Commonwealth Secretariat is assisting the Government of Guyana via the NRE on technical, legal, economic and fiscal issues for potential oil and gas sectors. This support is vital as Guyana moves to strengthen its strategic, legislative, regulatory and institutional arrangements for oil and gas sector development and governance. It will be a long, but thorough and transparent process, which will demonstrate best international practices, a government release said Friday.
Two offshore oil wells have been drilled in Guyana and a number of licences have been issued for exploration companies as the country attempts to find oil.

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Guyana on the right track preparing for oil

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