US energy team in Guyana to assist in country's oil development

US energy team in Guyana to assist in country’s oil development

Apr 06, 2017 News

Representatives of the US Department of State’s Energy Governance and Capacity Initiative (EGCI) and others, meeting with Attorney General Basil Williams (5th from right) yesterday

A team from the US Department of State’s Energy Governance and Capacity Initiative (EGCI) is in Guyana to explore ways it can help the country to prepare for the development of the oil and gas sector.
The team, as one of its first order of business, yesterday met with Attorney General and Minister of Legal Affairs, Basil Williams, S.C., at his office.
“The team explained that they are committed to building infrastructural and institutional databases as well as providing technical assistance to countries that are in the early stages of developing an oil and gas industry. The team has committed to assisting in the oil and gas initiative as well as making observations on existing practices,” according to the AG Chambers. The team is hoping to make recommendations based on their observations.
“The team has agreed with the Attorney General that an excellent regulatory framework is needed for the petroleum industry. This should be complemented by specialists in every field including specialist accountants. The E-governance Bill will bear directly on the petroleum industry.”
In the past year, Guyana has been working with a number of international agencies after a major, game-changing oil find by US-owned ExxonMobil in Guyana’s waters was announced in May 2015.
“The Attorney General mentioned that the Government of Guyana is committed to developing the oil and gas industry by utilising highly trained specialists and experts. The Attorney General alluded to the recent appointment of Dr. Jan Mangal as the Adviser on Petroleum to the President.”
Williams also mentioned that the Guyana Government intends to establish a sovereign wealth fund to enable the country to obtain long-term investment and financial benefits from its oil and mineral resources.
“The fund will significantly benefit the country’s economy and citizens,” the AG chambers stressed.
The team will be here until April 12, to report to the Government of Guyana on its deliverables under its work plan, among other things.