Lawyers, accountants targeted for oil training this week

Nov 15, 2016 News

A major seminar to target lawyers and accountants and provide deeper insights of the emerging oil and gas sector is set for this year.
According to the Ministry of Natural Resources, it will be collaborating with the New Petroleum Producers Group to host the seminar which is being held under the theme, “Governance of the Petroleum Sector: Preparing for First Oil”.
The group is organised by Chatham House – the Royal Institute of International Affairs, with the support of the Commonwealth Secretariat and the Natural Resources Governance Institute (NRGI).
It will last for two days, beginning Thursday, and the idea is to enhance the capacity of Guyana as an emerging oil and gas producer to establish context-appropriate rules and institutions for good governance in its petroleum sector.
“This is a key component of Guyana’s efforts as it prepares for impending oil production,” the ministry explained yesterday.
The first day of the seminar is specially tailored to assist Government ministries and agencies with responsibility for various aspects of the petroleum sector regulatory and development regime.
The discussions will cover “Introduction to Oil and Gas”, “Good Governance” and “Petroleum Fiscal Systems,” with talks on what it would take to establish a national oil company.
On Friday, the second day, the seminar will take on Certified Accountants and attorneys-at-law to provide insight on key elements of the oil and gas sector in relation to their areas of practice.
“Legal Frameworks, “Contract Negotiation”, “Financial Risk Management” and “Internal Controls” for the oil and gas sector are among the topics planned for discussion,” the ministry said.
The sessions will be facilitated by a team of international experts, with local participants’ knowledge to be enhanced by contributions from new and experienced petroleum producers and advisors from Ghana, Uganda, Suriname, Trinidad, Liberia, the United Kingdom and the United States of America.
The ministry, in inviting certified accountants and lawyers to attend, asked that interested persons make contact as early as possible, as there is limited space available.
US-owned ExxonMobil discovered oil last year in its off-shore concessions and is now preparing to drill a third well. It is estimated, based on current information that the area has up to 1.4M barrels of oil in the concession.
Guyana has since announced the establishment of a Sovereign Wealth Fund and has been collaborating with a number of countries and organization to learn how the oil industry works.
ExxonMobil this past week announced that it has mobilized a drill ship to start drilling the third well.

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