Latest update April 18th, 2024 12:59 AM
Feb 16, 2022 News
By Davina Bagot
Kaieteur News – When it comes to the oil and gas sector, Guyanese should not be tenants in their own country, but should instead tap into the growing opportunities flowing from the industry.
This is according to the Barbados Prime Minister, Mia Amor Mottley who on Tuesday addressed the International Energy Conference and Expo at the Marriott Hotel. She told the gathering, “We will have difficult conversations, as well as in Caricom and we must, but those conversations recognise that in every country, there are even regional and local conflicts and disagreements and it is our duty to be able to smooth that over, but to ensure that at no stage as newly independent countries of the world do we leave our citizens as tenants in their own land, but make them owners…”
Mottley received a resounding applause as she went on to caution, “The day that we do not provide opportunity for our citizens who participate in active citizenship of being able to benefit from the patrimony of our country is the day we sow the seeds of destruction of our nation and invite disruption”.
Following his perusal of the PPP/C Government’s local content targets included in its legislation, Co-Director of Energy at Americas Market Intelligence (AMI), Arthur Deakin is of the firm belief that Guyana has still fallen short of outlining realistic procurement, training and employment goals for oil companies. In one of his columns back in November last year, Deakin highlighted that the government, for example, expects that within 10 years, Guyanese firms should be used to cover 95 percent of the energy sector’s insurance risks. Deakin was keen to note that this alone is just not practical.
Except for Brazil, which has managed oil and gas projects for half a century and has the 12th largest economy in the world, the analyst said no other Latin American country has the local insurance capacity to provide this type or level of coverage. Using this reasoning, he concluded that such an expectation or target shows a mismatch between the government’s expectations and the current reality on-the-ground.
Meanwhile, Guyana’s Head of State, President Irfaan Ali on Tuesday also told the dozens of foreign investors present that while the country welcomes international partners, they must also consider our locals. He said, “We are going to state directly the narrative. There is no need for any interpretation, this is the narrative. We are pursuing this path; we know of the responsibility we speak about. We welcome investors but we believe that local opportunities, the private sector and every single Guyanese and regional stakeholder must be part of the prosperity and benefit from the prosperity”.
Guyana’s Local Content Law was passed in the National Assembly in December last year. The legislation is specifically geared at ensuring locals participate in servicing the nascent oil and gas sector with products and services.
On Monday, the People’s National Congress Reform, the largest faction of the political Opposition, rehashed that Guyanese should benefit from the oil and gas industry and more specifically the revenue generated from the sector. The party said, “Even as oil production is about to triple, there continues to be an increasing disconnect between such developments (inclusive of international oil conferences) and the daily reality and experiences of ordinary Guyanese. Budget 2022, the country’s first oil budget, compounded this pervasive sense of despondency among our citizens by its stingy offerings to the poor and its generosity to the well-off and the well-connected.” It added, “The country cannot proceed in this manner,” and added, “If our rich natural resources cannot be used to uplift our people and transform the country urgently and comprehensively, then what will?”
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
Apr 18, 2024
SportsMax – West Indies captain Hayley Matthews has been named Wisden’s leading Twenty20 Cricketer for 2023, as she topped all and sundry, including her male counterparts. Alan Gardner looks...Kaieteur News – Compliments of the Ministry of Education, our secondary school children are being treated to a stage... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... 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]