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World Bank, IDB loans will be used to fund depletion policy, oversight of PSAs

Nov 13, 2018 News

The Department of Energy is doing some amount of work on the front of preparing Guyana for a booming and fully functional oil sector. While all cannot be done simultaneously, Head of the Department, Dr. Mark Bynoe, has assured that plans are in the pipeline.

In fact, at a recent press conference, Dr. Bynoe indicated that the government has already earmarked sums of money secured from the World Bank and the Inter-American Development Bank (IDB) to fund projects for the strengthening and management of Guyana’s nascent oil sector.

Dr. Bynoe said that significant loans have already been agreed, and the government is in the process of agreeing on initiatives that will be targeted for next year.

Some of the initiatives he listed are: Procedures and process to manage oversight of the Production Sharing Agreement’s and Oil and gas Sector; formulation of a Depletion policy; future Licensing Rounds-defining approach for deep water, shallow water, and onshore licensing. Further, Dr. Bynoe said that the government wishes to “Deepen civic engagement” This will involve appointing a communications company to assist in broadening the understanding of the sector and the choices to be made.

Also, the money secured will be used to fund the implementation of the Sovereign Wealth Fund.

Dr. Bynoe said that the “implementation of the Sovereign Wealth Fund” is hooked to focusing on what Guyana will do with the revenue in future years and the plans/aspirations of the population.

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