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Minister Edghill confident oil revenues will supplement rebuilding nation
Kaieteur News – Despite the major oil deal that Guyana signed onto with American oil giant, ExxonMobil being heavily criticised for its lopsided provisions, Minister of Public Works, Juan Edghill, is still hopeful that Guyana’s oil revenues will be enough to supplement the nation’s developmental projects.
Minister of Public Works, Juan Edghill
During an interview on Globespan, the Minister disclosed several major infrastructural projects for Guyana. As such, he was asked where the capital would come from to fund these projects.
Minister Edghill in his response stated, “We are aggressively out there, my colleague, Minister of Finance, Ashni Singh, and his team, are aggressively out there looking at all options and I am sure, I am sure somewhere along the line with the monies generated from our oil wealth, some of it will have to be used for Guyana’s infrastructural development and the modernising of this country to take us to the next level.” He also stated that the Government is already engaging a number of governments, agencies, and investors.
The Minister further explained that Guyana’s oil wealth must be used in a way to further develop the agriculture and tourism sector. “Eco-tourism is a large job creator; agriculture is a large job creator. Oil and gas is a wealth creator, it is not a job creator and we have to ensure that our people get jobs,” Minister Edghill further stated.
As investors eye Guyana’s new found wealth, this publication had reported earlier this week that according to Chatham House, a non-governmental organisation, it is quite reasonable and even considered normal practice in the petroleum industry, for countries to engage oil companies in the review and removal of terms contained in deals which may leave the country in a disadvantageous position. In fact, the UK based transparency watchdog, said the refusal to do so can have a destabilising effect on countries.
Vice President, Bharrat Jagdeo, had committed to having the revised Production Sharing Agreement (PSA) template being one tougher than the one negotiated with Exxon. According to the Vice President, Guyana’s aim is to increase its oil royalties and revamp other contract terms as part of a PSA regime for future crude and gas projects now in its draft stage.
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