Guyana is officially producing oil - President David Granger

Guyana is officially producing oil – President David Granger

Dec 21, 2019 News

After months of preparation, the moment all Guyanese have been waiting for is finally here. Last evening, President, David Granger officially announced that Guyana has entered oil producing mode.

President, David Granger

In his address to the nation, the President specifically stated, “I have been advised that petroleum production is about to commence – three months ahead of the original schedule. Guyana has become a petroleum-producing state.”
To remember this auspicious day, the Head of State disclosed that he will issue a proclamation declaring December 20, as ‘National Petroleum Day.’ The President said that the proclamation will serve to remind citizens of their duty to protect the country’s patrimony and to ensure the sustainable management of the finite hydrocarbon resources.
Granger also said that petroleum production will be a transformative process in the country’s economic development, while noting that the sector will serve to stimulate increased employment and expand services.
To ensure that the resources benefit the people, Granger said that his Government will unveil a ‘Decade of Development, 2020-2029.’ He said that it would be aimed at ensuring that the petroleum resources will be utilized to provide the ‘good life’ for all.
The President said that the ‘Decade’ is a 10-year plan to intensify development and improve citizens’ quality of life. He said that every Guyanese will benefit from petroleum production. Granger stressed that “no one will be left behind.”
Furthermore, the President reminded of the steps the government has taken steps to safeguard the national interest. In this respect, he noted that the Department of Energy was established to manage the country’s hydrocarbon resources. He said that it is seeking the best advice, and is using international best practices as it builds the institutional, legislative and regulatory capability to manage this sector effectively and efficiently.
Granger also reminded of the Government’s establishment of the Natural Resource Fund Act which was passed by the National Assembly in January 2019.
The President said that the legislation provides for ensuring that the country’s resource wealth “…benefits both current and future generations…”; it incorporates oversight, accounting, reporting and auditing mechanisms to promote prudent, transparent and accountable management of oil revenues.
The President said, “Guyanese, I assure that your Government will manage petroleum revenues prudently to ensure fiscal discipline, financial sector stability, sustainable levels of public debt and low inflation.”
Granger added, “Withdrawals from the ‘Fund’ will follow a balanced approach, prioritising investment in public education, public health, public infrastructure, public security, social protection and other social services and will support private sector development.”
Additionally, the President said that Petroleum production has brought the prospects of a higher quality of life closer to all households and neighbourhoods. He stressed that it is a momentous event which all should commemorate for perpetuity.
“Guyana’s future is brighter with the beginning of ‘first oil’. The ‘good life’ for everyone beckons. Let us work together to build a happy and prosperous country for the present and future generations,” the President concluded.