Latest update December 4th, 2024 2:40 AM
Readying for oil: Key seminar set for this weekend
In light of ExxonMobil’s significant oil find in Guyana, the Department of Natural Resources and the Environment, and the United Nations Development Programme (UNDP), will host a workshop on Building Capacity for Managing the Hydrocarbon Sector for Development in Guyana.
Guyana is to host a key oil and gas seminar this weekend to talk about its progress to ready for production.
The workshop will commence on October 30 at the Arthur Chung Convention Centre.
According to the Ministry of the Presidency, focus will be placed on key elements for the design and implementation of the legal and regulatory frameworks to effectively govern the petroleum sector.
“It will address participatory and consultative decision making processes, revenue management as well as the human, social, physical and financial capital development needed to support economic diversification,” the ministry said yesterday.
The sessions, while drawing from international experience in this sector, will also focus on the lessons learnt that will be most relevant to Guyana.
Additionally, this forum is expected to build on the foundations of an effective governance framework for the oil and gas sector, which will be drawn from the Draft National Upstream Oil and Gas Policy; being created with support from the Commonwealth Secretariat.
The seminar is expected to benefit both policy makers and stakeholders involved in the natural resources sector in Guyana, enhancing their knowledge to provide them with the capacity to make informed decisions and implement reforms.
Earlier this year, US-owned ExxonMobil announced that it has found significant evidence of oil in its concessions offshore Guyana.
It would have been the first good news for Guyana after two recent attempts, involving CGX Energy and Repsol, failed.
Guyana has been importing fossil fuel to meet its energy needs despite a strong suspicion that oil lies within its lands and maritime boundaries.
ExxonMobil is reportedly preparing for a 2017 date for commercial activities.
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