Guyana’s President, David Granger, says his government is committed to ensuring that the transformation expected from the oil and gas industry is closely aligned with the country’s green development agenda.
Addressing the opening of the 71st Sitting of the 11th Parliament on Thursday, Mr. Granger said the petroleum industry is positioned to become a pole of economic diversification, providing resources to transform the South American country.
“The oil and gas sector is going to provide resources to transform the country’s development. We intend to align that transformation with the objectives of Guyana’s ‘green’ development agenda,” President Granger said.
Guyana’s commitment to green growth has been demonstrated by its pioneering environmental international partnerships and its status as a signatory to the Paris Agreement on Climate Change. Numerous national documents reflect principles that support the green economy, including the country´s National Determined Contribution (NDC), the Low Carbon Development Strategy, Climate Resilience Strategy Action Plan (CRSAP), Guyana’s renewable energy transition plan, Climate change resilience strategy and adaptation plan, National Strategy for Biodiversity and National Adaptation Strategy for the Agricultural Sector (2009-2018).
Touching on preparations for oil production, Mr. Granger told Members of Parliament, “Your Government is seeking the best advice and laying optional plans for the development of the petroleum industry, including the establishment of a Sovereign Wealth Fund. We have tabled the Petroleum Commission of Guyana Bill.”
Guyana’s Ministry of Natural Resources, he reminded, is preparing a suite of other legislation and regulations to support the development of the emerging petroleum industry.
“Consultations will continue on these draft documents, including the Petroleum Act, Environmental and Occupational Health and Safety Regulations and Local Content Policy,” Mr. Granger stated.
Oil production will begin in Guyana in 2020. At the current market price for oil, the country of 750,000 people will earn, in the initial years, around one million US dollars per day, from the first day of production.