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Mechanisms will be in place to reduce value leakage before first oil-Dr. Bynoe
By Kiana Wilburg
Over the last two years, local and international critics like Attorney-at-Law, Chris Ram, and Oil and Gas Consultant, Dr. Jan Mangal, have been
Energy Department Head, Dr. Mark Bynoe
critical of the government’s approach to addressing key issues in the oil sector which would go a far way in stopping significant revenue leakage.
But Energy Department Head, Dr. Mark Bynoe, sought to assure, recently, that before first oil is upon us, key mechanisms will be in place to ensure that Guyana’s oil wealth is protected.
The official made this remark at his most recent press conference which was held at the Ministry of the Presidency. There, he was asked if Guyana would be ready to meet the demands of the oil sector come 2020.
“Well it depends on how you define ready,” the Energy Department Head stated.
He continued, “If you mean that all I’s will be dotted and all the T’s crossed, then I would say no. But would we have a workable framework that would ensure we reduce value leakage and get optimum return? In my humble opinion, I would say yes…”
Speaking to aspects of this workable framework, Dr. Bynoe said his department is working on building capacity with the right professionals. He noted that a number of positions have advertised.
With the recently signed World Bank Loan for US$20 million, he said that the department is aiming to recruit the following skills set between May – July 2019. He listed these to be a Petroleum Development Advisor, Crude Marketing Advisor, Natural Gas Negotiations Advisor, Oil and Gas Commercial Specialist, Petroleum Commission Needs Assessment Advisor, Accounting Specialist and a Legal Advisory Services.
The official said that a number of applications have already been received.
Further to this, Dr. Bynoe said that the Department is working with the Inter-American Development Bank (IADB) to recruit some additional advisory services to ensure the Production Sharing Agreement contract administration processes are created and embedded within the Department and a robust gas master plan is developed.
Dr. Bynoe also noted that work is progressing in relation to legislative reviews.
“One of the things we have in our possession now is that draft diagnostic and gap analysis review. That has to go through the process of us talking to a number of partners because it not only impacts us but other departments and stakeholders.”
Dr. Bynoe said that it is because of the gap analysis that a Legal Advisory Service is being sought.
He said, “We have been on record as saying that the primary legislation is silent for example with regards to downstream activities and it requires enhancements with regards to local content and decommissioning. So these are all areas we will be looking at. Once in place, we will move to the Petroleum Commission which you would have recognized, we would have put in abeyance until the legislation is in place.”
Asked to say if the revised primary legislation will be in place before first oil, Dr. Bynoe said it is difficult to say. He reminded that the completion of such a task does not only rest with the Energy Department.
He said, “It has to go to Parliament and whether there is that resolve to move that through is outside of the preview of the department.”
Be that as it may, Dr. Bynoe assured the media that the Energy Department will fulfill its role where legislative review is concerned.
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