If Petroleum Commission was in place Guyana could have avoided audit controversies, failed oil block auction - PNC

If Petroleum Commission was in place Guyana could have avoided audit controversies, failed oil block auction – PNC

Aug 06, 2024 News

Kaieteur News – The political opposition is adamant that if Guyana had a Petroleum Commission in place the country could have avoided the current controversies regarding ExxonMobil’s illegal spending of the country’s oil funds as well as the recent failed oil block auction.

Economist and advisor on oil and gas to the PNC Elson Low.

Elson Low an economist and advisor to the Leader of the Opposition told this publication on Saturday that they are of the belief that the government is comfortable currently operating without the commission in place. “The PPP has consistently held the position that it is comfortable governing without a petroleum commission. We left a bill that could easily have been adapted rather than reviewing it and presenting it to Parliament they have completely dodged the issue.”

Low lamented that the citizen of this country have had “four years of chaos because the PPP has no interest in principles of good governance. The result has been a failed oil block auction, audit controversy after audit controversy, no effort to engage the operator to get better for Guyana, environmental risks from potential oil spills and several other problems.” Hence the party remains firms in its position that all of these instances could have been totally avoided “if a professional petroleum commission was put in place early in their term. Instead, we have had the disastrous “Season of Jagdeo.”

During his first press conference for this year Vice President, Bharrat Jagdeo assured that the government will honour its promise to have a Petroleum Commission when the time is right. Such a regulatory body is established by a government to oversee and manage the exploration, development, and production of petroleum resources within its jurisdiction. It ensures compliance with laws and regulations, manages licences and permits, and often plays a role in promoting sustainable and efficient utilization of petroleum resources. In response to a question posed by this publication on when exactly the commission will be put in place, Jagdeo said that “The petroleum commission, we said we are building capacity in the Ministry (of Natural Resources).”

Different song

Months later with no apparent action on his promise this publication asked for an update on the progress so far and the VP is now singing a different song to say that independent oversight of Guyana’s oil and gas sector is not really necessary. Speaking at his at his weekly press-conference last Wednesday, Jagdeo said the PPP/C-led administration has done enough already to transparently monitor the oil sector. “There is no magic with a Petroleum Commission”, Jagdeo told Kaieteur News in response to a question posed to him on when he will put the independent body in place.

“There is no magic, we have given our agencies the tools to manage the sector.” The VP is of the view that a Petroleum Commission might not make any sense because the technical persons that will be nominated to sit on the body will be politicians too. “They would put a Vincent Adams, he is a great technical man although he is a politician (just) like how they put their executive member on the PPC (Public Procurement Commission) then say oh it acts independently- It’s a sham”, Jagdeo argued.

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audit controversies, failed auction, Jagdeo, oversight, Petroleum Commission

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