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PNCR will release plans for oil sector closer to elections – Norton
Kaieteur News – Leader of the People’s National Congress Reform (PNCR), Aubrey Norton said his party will release its policy for the management of the oil and gas sector closer to the elections.
Opposition Leader, Aubrey Norton
The Opposition Leader was addressing the media during a press conference on Tuesday last when he made it clear that the group has consistently outlined its positions on the sector, however, with regard to a comprehensive document outlining its policies, this will be done closer to the elections.
“We have consistently outlined our policy positions on oil and gas, and so it is not for the lack of a policy. What you are seeking is one document. We will, like I have said before, we have put many policy positions, we will have a clear oil and gas policy document for the electorate as we move towards the elections,” Norton told Kaieteur News.
This newspaper previously reported that the PNCR’s former Coalition partner, the Alliance For Change (AFC) recently revealed plans to release its policy statement on the petroleum sector. Chairman of the party, David Patterson disclosed that the first of about 18 policies seek to ensure there is transparency and sharing of information with the public. “We have 18 different policy statements and every week we will announce one. The first one is on transparency, accountability and access to information,” the former Minister of Public Infrastructure disclosed during an interview with Kaieteur News, on the sidelines of a Parliamentary Sitting.
Patterson added, “There will be time limits and it would be inscribed in law, so under an Alliance For Change government, no reporter has to ask for these information – they will be made public…so no longer can any politician say that information cannot be made available to the public.”
Kaieteur News understands that the AFC’s Oil and Gas policy will also feature the party’s stance on ring-fencing and waste water disposal, among several others.
Ring-fencing in the petroleum industry is a financial term which means that each oil project should pay for itself. In Guyana’s case, politicians have not ring-fenced the projects in the Stabroek Block. In this manner, the revenue generated by the three projects that are currently producing oil are used to pay for other projects which are now being developed. The lack of ring-fencing therefore shortens the profits available to be shared with Guyana. Each month, Exxon is allowed to deduct a whopping 75% of Guyana’s oil towards cost. The remaining 25% is split with the country as profits, with the country receiving an additional 2% as royalty – paid every quarter.
Guyana has often been urged by international experts to ring-fence the projects to ensure the country enjoy the early benefits from the sector.
The AFC previously voiced its support for the Stabroek Block projects to be ring-fenced, however its key Opposition partner, the People’s National Congress Reform (PNC/R) remains on the fence when it comes to a decision on the subject. Norton had said while there may be benefits to ring-fencing, his party would still need to assess each project individually to determine whether it would go that route.
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