Policy finally completed to guide Guyana’s developing Oil and Gas Industry

Jun 09, 2016 News

Minister of Natural Resources, Raphael Trotman, is elated to announce that a policy is finally in place to help

Minister of Natural Resources, Raphael Trotman

chart the course for Guyana’s developing oil and gas industry.

Trotman said that the Ministry has been working overtime to get Guyana ready for oil and gas production. A team of experts comprising both Guyanese and foreigners is being assembled to guide Government on the way forward.
The Minister of Natural Resources said, yesterday, that persons are also being recruited and sent on scholarship programmes which focus on crucial areas within the sector.
He said, too, that legislation is being finalized to reform the Petroleum Act so as to ensure that Guyanese benefit from the wealth that will accrue from the sector, and so that they can be able to participate in the industry.
The Minister said that moves are still being made with regard to the establishment of a Sovereign Wealth Fund, which he hopes can be named the “Roraima Fund,” which will serve to take care of future generations by ensuring that the wealth is not squandered.
The politician said that all these will be taken to the National Assembly before December 2016 so that Guyanese can have an open and comprehensive discussion on these and other measures regarding the oil and gas sector.

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