Jul 27, 2016 News
By Abena Rockcliffe-Campbell
The Government of Guyana has been forced to accelerate its preparations for oil production. This was noted during a recent interview with Minister of Natural Resources, Raphael Trotman.
The Minister said that Exxon Mobil’s confirmation of Guyana’s oil reserve has sparked excitement from both the government and the oil company.
“This tells us that we have to accelerate our preparations,” said Trotman.
The Minister admitted that there is much that needs to be done as part of the preparation process. This is both with regards to legislative measures and other transparency measures that need to be implemented.
Trotman said that over the last year, “we have been trying to understand what we have and how to manage it, but we now need to move at a faster pace.”
As he referenced moves that have already been made in this regard, Trotman mentioned his recent visit to Uganda, saying that “this was part of the preparation process.”
Trotman was accompanied by Minister of Finance Winston Jordan on that trip. It was basically a study mission. The two wanted to observe Uganda’s preparation for oil – the pumping of which is to begin in two years—2018.
Talking about more preparations Trotman said that last week he hosted two oil and gas experts who advised the government and will be lending advice over the next few months. The experts met with various persons and agencies involved.
Trotman also indicated that later this year, he will be taking legislation to the National Assembly. Among the Bills to be taken to the House is one that will govern the Sovereign Wealth Fund.
A Sovereign Wealth Fund is a government-owned investment fund. It has been set up by many countries with oil wealth, and there are several models to choose from.
Trotman also indicated that President David Granger will soon address the nation to speak about the confirmation of Guyana’s oil reserve.
Exxon made its announcement at the end of June.
Trotman said that His Excellency will soon put everything into a national context.
“I can only give you the resource aspect of it, but I think the President is going to bring everything together in terms of what it means for the economy, social issues and so on.
Oct 28, 2021Kaieteur News – Gary Ragnauth hit an attractive 64 to spur Caribbean Sports Club to comfortable 30-run win over Sunrisers last Sunday at Cullen Beach where action continued in the inaugural...
Kaieteur News -I thought that David Granger was strategising by not announcing his candidacy then doing it at the last moment.... more
By Sir Ronald Sanders Kaieteur News – It is nothing short of shocking to learn that, despite the fact that the world... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]