Latest update January 1st, 2025 1:00 AM
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US group meets Govt. on assistance for oil sector
A team from the United States (US) Embassy and Deloitte Advisory met yesterday with Prime Minister, Moses Nagamootoo, to discuss regulatory planning for the oil and gas sector.
US Embassy and other oil officials meeting with PM Moses Nagamootoo yesterday.
The United States has pledged funding for expanding capacity in the sector under the Energy Governance and Capacity Initiative (EGCI).
EGCI is a US Department of State-led, U.S inter-agency effort to provide a wide range of technical and capacity building assistance to the host governments of select countries that are on the verge of becoming the world’s next generation of oil and gas producers.
The team will work closely with the Prime Minister who has oversight of governance matters; the Ministry of Natural Resources, within whose ambit rests responsibility for oil and gas; and various state agencies and ministries.
The sector took new significance last year after US-owned ExxonMobil struck oil on its concessions offshore Guyana.
It is a significant find and would follow attempts by Repsol and CGX in their offshore concessions.
Guyana has been moving to establish several regulatory frameworks, including how it handles the proceeds from any oil production.
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