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Govt. eyes public-private partnership for onshore oil facility

Oct 17, 2016 News

The government of Guyana continues to explore avenues to make the best of Guyana’s oil.
At a recent press conference, Minister of Natural Resources, Raphael Trotman said that government is currently eyeing two ventures, an oil refinery and another onshore oil and gas facility.
The Natural Resources Minister said that his ministry has received 18 Expressions of Interest in the establishment of an onshore oil and gas facility.
“Government is looking to enter into a public-private partnership where government has equity in whatever onshore facility is established and we can then ensure that Guyanese can benefit.”
According to Trotman, the majority of the interests are from local companies, while nine are from international companies. He said that later this month and into early November, the companies would be making presentations to the Ministry of Natural Resources. “We would like to give both the local and foreign companies an equal right to make presentations,” Trotman said.
Specifically on the oil refinery, Trotman said that there is no word on that as yet.
“We have commissioned a study and I hope and expect that before the end of the year, government will be guided from an economic standpoint whether or not we should have a refinery, whether or not government should have a stake in such a venture or whether it should be left to the private sector on its own.”
The minister said that the government would withhold any pronouncement on the establishment of an oil refinery until the study is completed.
Trotman indicated that Chatham House will provide the expertise to undertake the study.
Chatham House, the Royal Institute of International Affairs, is an independent policy institute based in London. The institute’s mission is to help build worldwide sustainability, security and prosperity. It has a think-tank group that looks at oil and helps countries around the world manage their oil wealth.
As Guyana develops the oil and gas sector, the government continues to receive international assistance for the development of this sector. In November, Chatham House will lead a two day seminar on oil and gas development and on the accounting and financial aspects of the sector.
Draft legislation on the complete overhaul of the Petroleum Act and the regulations that accompany it will be made available at the end of 2016.
Also, draft legislation for the establishment of a new Petroleum Commission, regulations for local content, and for health and safety for the environment are expected to be presented later this year. Trotman said that consultations on these legislations will begin in 2017.

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