‘No secret in oil and gas sector in Guyana’—oil minister

Jan 17, 2025 News

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—talks up transparency, distribution of oil wealth

Kaieteur News-Minister of Natural Resources, Vickram Bharrat says there is no secret in the oil and gas sector given the transparent management of the industry by the government. In fact, Guyana is perhaps the only new oil producing nation that allows the media and country at large to stay informed on the developments taking place.

This view was shared by Bharrat during his end of year press conference on Tuesday. He said, “There is no secret in the oil and gas sector in the way we manage the oil and gas sector. I believe this is probably one of the few countries, and I mean, looking at Suriname for example, you look at Namibia- these new countries- Ghana. I have been following the news in those countries and I don’t think there is any other new oil producing country that is as transparent as Guyana in ensuring that the media and the people know of the developments taking place in the oil and gas sector.”

He added, “Besides from being one of the better managed oil and gas sectors among the new oil producing countries, I think we are probably the most transparent also with regards to the new oil producing countries, managing the oil sector. Additionally, we are probably the fastest in terms of development, moving from exploration to production among the oil producing countries…”

Minister Bharrat maintained that there are several positives to be highlighted but these are not as prominent in the news. Instead, he said that as Guyanese, citizens tend to ignore “the 99 good things” but look at the one that may not be going right and “sensationalize it”.

He however urged balance in reporting and acceptance of the fact that the sector has seen massive expansion in a short period of time.

The Minister was keen to point out the framework that has been put in place by government to manage the industry. Moreover, he said, “We have been very transparent with the Vice President (Bharrat Jagdeo) speaking every single Thursday and with us providing information to you from time to time as requested, with the President (Irfaan Ali) speaking on the matter as well, the Attorney General (Anil Nandlall), the Minister of Finance (Dr. Ashni Singh) all speaking on the oil and gas sector.”

To this end, he concluded that there is a lot of information in the public sphere for Guyanese to be informed on the sector. As such, Bharrat reasoned, “I’m not sure that many other countries in the world, that their citizens can speak from such an informed position with regards to their oil and gas sector like the Guyanese.”

The Minister shared a personal encounter he recently had with rice farmers in Mahaicony, where the men exchanged views on the industry. He said he was amazed at the knowledge they acquired. Consequently, he said, “I think the government has done a good job in ensuring that people are aware of what is happening and the media as well in your reporting as to what is taking place in the oil and gas sector.”

Benefits for citizens

Turning his attention to benefits for Guyanese from the industry, Bharrat highlighted the $100,000 cash grant initiative announced by President Ali.

He said, “You tell me which country in the world, or which oil producing country in the world is giving each and every citizen US$500…there is no oil producing country in the world that is doing that.”

Bharrat noted that Saudi Arabia, one of the largest producers as well as the United States do not have such an initiative, yet Guyana, as a small nation that just commenced production of oil has implemented this mechanism for its people.

The Minister said when he reads newspapers it would be hard to point out any positives, such as the fact that Guyana is one of the few oil producing countries in the world with a local content legislation in place. Additionally, he argued, “We would love to see which oil producing country has an updated petroleum act as updated as 2024…we want to see which country in the world moved from discovery in May of 2015 to production in December 2019, to over 600,000 barrels in 2024.”

Furthermore, he said he would like to know which other country would double its production in just three years from today. As such, Bharrat boasted, “It means that we are doing something well. It means that we are managing the sector in an efficient, effective manner because these are not small companies we are working with.”

The Minister therefore noted that the government should be given credit for its management of the sector. “For a sector being new to us, I think the government, the people and the country, the country especially deserves credit for managing the sector in which we have for our people to ensure that people benefit from the sector,” he said.

(‘No secret in oil and gas sector in Guyana’—oil minister)

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• Bharrat, Credit, Government, management, oil, transparent

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