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Advisors call for Parliamentary body to oversee Oil and Gas sector

Oct 28, 2017 News

Several local and regional advisors are urgently calling for the establishment of a parliamentary body to oversee the oil and gas sector but more importantly, the works of the Petroleum Commission when it comes into being.
These views were recently expressed at consultations on oil and gas development which were organized by the Georgetown Chamber of Commerce and Industry (GCCI).
Present at this event were former Speaker of the National Assembly and Attorney-at-Law, Ralph Ramkarran and former Minister of Energy for Trinidad and Tobago and Strategic Advisor, Kevin Ramnarine. They both agreed that such a parliamentary body would be necessary when one considers the scope of work that would be undertaken by the Petroleum Commission.
Ramnarine noted that the Commission is expected to monitor and regulate the efficient, safe and environmentally responsible exploration, development and production of petroleum in Guyana.
He noted, too, that the main functions of the Commission will be to approve proposed exploration activity, ensure metering, measurement and calibration of oil reserves, promote local content, oversee third party access to infrastructure and provide information to tax authorities.
With this in mind, the former Minister of Trinidad and Tobago said it is important that producers at an early stage of the development of their resource base, start with at least one credible body that is responsible for all administrative and regulatory functions.
Ramnarine asserted that the introduction of checks and balances is particularly important in small countries that have few qualified personnel to oversee the sector. In such cases, he said that a handful of people may dominate the governance system by accumulating multiple roles.
He stated that Governments should immediately introduce key mechanisms for public accountability, including audits of agencies and state-owned companies, and regular disclosure of information to the public.
Ramnarine and Ramkarran agreed that this would go a far way in promoting transparency and accountability in Guyana’s budding oil and gas sector.

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