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Natural Resources Ministry gets paltry $150M for 2021 Petroleum Sector Budget

Mar 09, 2021 News

– Oil & Gas Development programmes slashed by more than half

By Gary Eleazar

Kaieteur News – Guyana’s Ministry of Natural Resources (MNR), which holds responsibility for the management of the country’s petroleum sector was this year allocated a paltry $150M as part of a multi-year Oil and Gas Sector Development Programme.
This would mean that the 2021 budget for the programme has been slashed by US$193M, since it would have been allocated $343M in 2020, in addition to $120M that was budgeted and spent in 2019.
That $4.2B multi-year programme is being funded by the International Development Association—a component of the World Bank’s group.
According to the scope of the programme—as outlined by the Ministry of Finance in the recently approved Budget Estimates for 2021—the funding will go towards the completion of a gas to power study in addition to the enhancement of the legal and institutional framework for management and oversight of the Oil and Gas Sector.
Additionally, the funds are expected to go towards the creation of an oil and gas data management system, in addition to support for public relations for the sector and its project management.
This year’s allocation of $150M—according to the Ministry of Finance’s Estimates—is also expected to fund “capacity building for the ministries of Natural Resources and Public Works, the Environmental Protection Agency, the Guyana Geology and Mines Commission and the Department of Energy.
The Ministry has since activated mechanisms to begin utilizing the allocations inviting tenders for the revamping of the country’s archaic sector laws—a project to be completed in 24 months, commencing in July.
According to the Ministry’s request, the objective of the assignment is for the consultant to provide legislative drafting services, inclusive of on-the-job-training, in relation to the development of the legal and regulatory framework for the oil and gas sector to MNR, and the Petroleum Commission (PC)—the sector Regulator—once established.
According to the scope of work identified for the successful consultant, is the undertaking of a “comprehensive review of Guyana’s existing legal and regulatory framework…such review to include and maximize upon existing institutional, legislative and regulatory analysis and revision documentation.”
Additionally, the consultant is expected to support MNR in detailing the legislative and regulatory instruments required to update and establish Guyana’s governance, management and
oversight of the upstream, mid and downstream oil and gas sector, so as to establish a modern and competitive framework.
This, in addition to the development of a prioritized legislative agenda and implementation action plan.
The consultant will also be expected to support the Attorney General’s Chambers in the review, assessment and drafting necessary to ensure that the legislative and regulatory instrument
are finalized in good order for presentation to the National Assembly, and for passage into law.
“Provide for the transfer of knowledge, including on-the-job training and review workshops, for selected personnel from the MNR, PC, Attorney General’s Chambers and other ministries/agencies as identified by the MNR, on legal aspects of the petroleum industry.”
Additionally, the Ministry has earmarked $4M in Capital Expenditure for the purchase of furniture and equipment.
The Ministry’s current allocation for the year for the Petroleum Management Sector has since been revised upwards to in excess of $435M for the payment of wages and salaries among other administrative expenses.

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