Today marks 1,154 days since Guyana’s oil minister was sworn in, but never held a press conference

Oct 04, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – Today marks 1,154 days since Vickram Bharrat was sworn in as Minister of Natural Resources on August 6, 2020 and he has not held a press conference to address critical questions about his day-to-day management of the multi-billion dollar oil and gas sector.

Natural Resources Minister, Vickram Bharrat

At a press conference held last month, Vice President, Dr. Bharrat Jagdeo made it clear that he is tasked with providing the public with an understanding of the government’s policy position in the oil and gas sector. He said however that the implementation of the policies and the intricacies of the sector fall under the minister’s management. The Vice President has underscored this point in recent times, as members of the media have raised questions about the ministry’s handling of key matters.

With Guyana heralded as the fastest-growing economy by the International Monetary Fund (IMF), thanks to its burgeoning oil and gas industry, the political opposition in Guyana has incessantly advocated for transparency and accountability as the sector’s guiding principles. In this light, a press conference led by Minister Bharrat isn’t merely expected—it’s imperative for fostering understanding and trust among the populace and stakeholders.

Industry insiders and stakeholders are eagerly awaiting Minister Bharrat’s engagement with the media to shed light on pressing issues such as those listed below:

1. Relinquishment Clauses & Contract Administration: Questions loom regarding oil firms’ compliance with relinquishment clauses in exploration contracts. Stakeholders contend that there’s a pressing need for clarity on how the ministry intends to manage the relinquishment of oil block portions, ensuring optimal national benefit.
2. Update on Local Content Act: Having been in effect since 2021, a comprehensive report outlining its achievements, influence, and forward-looking insights is yet to be presented to Guyana’s Parliament. Although some procurement numbers have been presented by the Ministry, a detailed analysis remains conspicuously absent.
3. Insight on Petroleum Activities Act: The recent act’s passing and the upcoming auction of 14 oil blocks – with offers on eight already – necessitates a clear outline of the government’s strategic direction on capacity building, especially considering the nation’s current skill gap in the oil industry.
4. Introduction to the Petroleum Unit: The conspicuous absence of a formal introduction to such a pivotal entity raises eyebrows. Stakeholders question the government’s commitment to transparency and wonder who is steering this multi-billion-dollar ship.
5. Revamping the Petroleum Management Programme Website: Guyana’s soaring economic trajectory seems mismatched with the current subpar state of the website, marked by production data that lags two months behind current timelines, glaring omissions on discoveries and drilling programmes, and a lackluster user experience.

• Conference, Dr. Bharrat Jagdeo, Minister of Natural Resources, press, Vice President