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This is why it is so necessary for elections to be held within the shortest time
DEAR EDITOR,
ExxonMobil has discovered yet another oil field in the Stabroek block. This discovery comes on the heels of a second discovery by Tullow Oil, a British-based oil company.
The sum total of these discoveries is nothing short of phenomenal. It is almost a case of being too good to be true. What is even more heartening is the premium quality of our oil, which means that we could potentially earn above the average price per barrel on the world market.
One major difficulty is the current unstable political environment which could put us at a disadvantage from the standpoint of negotiating from a position of strength. Already there are concerns that we are not getting the best deal, which could possibly result in the loss of billions in terms of revenues.
The Department of Energy, in my view, does not have the technical or institutional capacity to manage the sector and make decisions that are in the best national interests. One consequence of this deficiency is the risk of sub-optimal benefits that can otherwise be accrued to us as a country.
The problem is further compounded by the lack of Parliamentary Oversight of this emerging sector, given the current political dispensation.
This is why it is so necessary for elections to be held within the shortest time in order to provide for a new governance mandate. This will greatly enhance confidence in the economy which is so vital for sustained growth and development.
Hydar Ally
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