Latest update February 2nd, 2025 8:30 AM
Latest News
- Officials and mining companies using corruption around licenses and contracts to deny citizens a fair share
- Govt. vows to protect foreign businesses in return for jobs and business opportunities
- Arab ministers reject Trump’s call to displace Palestinians from Gaza
- Simona Broomes launches new political party
- Man wanted for abducting ex-lover caught hiding under bed
Jagdeo defends keeping his “claws” sunken in oil sector
Vice President, Bharrat Jagdeo
– says again Petroleum Commission will come in due time
Kaieteur News – Vice President Bharrat Jagdeo continues to defend his reasons for keeping “his claws” sunken deep in the oil sector, saying that an independent petroleum commission will come on stream when Guyana has matured in the sector.
On Thursday at his weekly news conference Jagdeo was asked by this publication: “how do you respond to the criticism that the only reason why there is no Petroleum Commission in place is because you are obsessed with control of decision-making and circumspect about independent oversight of the sector?”
Jagdeo said that, “No it is not obsession with control, (being the reason for) the Petroleum Commission not being in place as yet, we made it clear that the model in different countries for managing the oil and gas sector vary, and that ultimately we will like to get to a Petroleum Commission.”
He noted that government is currently pushing through with reforms in the sector. He said establishing a petroleum commission requires a lot of cabinet and also a lot of policy making time. As such he said they can achieve the framework, which they have had success in and that they can get that framework put in place swiftly without compromising any function that a commission would have engaged in.
“We have put in place a Petroleum Activities Bill you know that replacing the 1986 one we did it through public consultation; we are now drafting the regulations, the Safety Regulations, the Environmental Regulations which will be drafted soon to support a modern legislation.”
He further boasted that, “We have expanded the scope for regulation in the Natural Resource Fund, the Local Content Law which has had great success we saw about 6000 people now are employed in the Oil and Gas Sector, the report from the Local Content Sector this is happening increasingly so because of that law and the other measures that we have taken. So the petroleum commission will happen but it will happen at a time when we have some level of capacity and maturity in the sector.”
This publication recently reported that the VP at a previous press conference had assured that the government will honour its promise to have a Petroleum Commission when the time is right. Such a regulatory body is established by a government to oversee and manage the exploration, development, and production of petroleum resources within its jurisdiction. It ensures compliance with laws and regulations, manages licences and permits, and often plays a role in promoting sustainable and efficient utilization of petroleum resources. During his first press conference for the year at the Office of the President, Dr. Jagdeo assured that this has not been removed from the government’s agenda.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The government is in choppy waters
Peeping Tom Kaieteur News- The government stands like a beleaguered captain at the helm of a storm-tossed ship, finds itself... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
