Effective Parliament important for Guyana’s oil economy – says new Speaker

Must Read

Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

The South American country of Guyana is on course to receive the highest estimated total income from...

Less than 15 percent of Guyana’s discovered resources have been sanctioned

With over 8 billion barrels of oil equivalent discovered to date and just two approved developments, Guyana...

Majors exiting 203 country positions but remain in play at key locations like Guyana

The largest oil and gas companies in the world,...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Newly elected Speaker of Guyana’s National Assembly, Manzoor Nadir, has underscored the importance of an effective Parliament to Guyana’s oil and gas sector.

Nadir, who was elected and sworn-in during the first sitting of Guyana’s 12th Parliament on Tuesday, September 1, made this statement during his inaugural address as Speaker of the House. 

“As Guyana continues to transition into a vibrant and even stronger democracy within an emerging oil economy, it is of utmost importance that this 12th Parliament be effective, successful, and exemplary,” he stated. 

Guyana’s National Assembly has responsibility for making legislative preparations and changes, as well as the implementation of policies to guide the country’s oil and gas sector.

Earlier on Tuesday, it was reported that the new Minister of Natural Resources, Vickram Bharat, had indicated that the Petroleum Commission Bill will be re-tabled in the National Assembly after the passage of the national budget.

This move, the new People’s Progressive Party Civic (PPP/C) administration has said, will seek to reduce the powers proffered to the Minister of Finance under the bill. Additionally, the Public Accountability Oversight Committee of the National Assembly has responsibility for ensuring that the Government adheres to the Natural Resources Fund Act and to ensure transparency in the management of the oil revenue.

The new government holds a one-seat majority in the National Assembly with 33 seats, while the Opposition, A National Partnership for Unity + Alliance For Change (APNU+AFC) has 31 seats.

Lenox Shuman, who was elected Deputy Speaker of the House, is the representative for the one seat that was won by several small parties combined at the March 2, 2020 elections.   

- Advertisement -

Latest News

Venezuela buying fuel from Iran with plane loads of gold

Venezuela has reportedly obtained fuel from Iran in return for plane loads of gold, according to comments...

Keppel reviewing offshore business, plans to sell between S$3-5 billion of assets

Keppel Corporation Limited (Keppel) said Tuesday it plans to unlock value from S$3-5 billion of assets over the next 3 years as...

Oil falls as virus count mounts, U.S. debate looms

(Reuters) - Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and...

Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

The South American country of Guyana is on course to receive the highest estimated total income from its multi-billion-barrel oil and gas...

Less than 15 percent of Guyana’s discovered resources have been sanctioned

With over 8 billion barrels of oil equivalent discovered to date and just two approved developments, Guyana still has significant hydrocarbon resources...

More Articles Like This