Guyanese authorities have expressed an interest in tapping India’s expertise to help continue the buildout of a world-class regulatory framework for the oil sector. Vice President Dr. Bharrat Jagdeo said this is likely, given that it is one of the conditions of a Memorandum of Understanding (MoU), set to be signed soon between the two nations.
Since assuming office in 2020, the Irfaan Ali-led administration has been clear about its vision for a modernized framework for the oil and gas industry. Thus far, the government has passed a Local Content law, revised the Natural Resource Fund legislation and greenlighted a Petroleum Activities law.
During a recent press conference, Jagdeo noted that the process of building out a regulatory framework is still ongoing. He believes India can add substantial value in this regard.
Guyana to explore potential for crude sales to India only at competitive rates – Jagdeo | OilNOW
“…For the Petroleum Activities (Act), we are now drafting regulations to support it in a number of areas,” he told reporters. “You have to have environmental safety regulations etc. Those have to be promulgated in Parliament also. So, there’s still a lot of detailed work that needs to be done for better regulating the sector and capacity building is a crucial part of it.”
While India’s support has not been clearly outlined as yet, Jagdeo noted his government’s interest in tapping India’s expertise for technical support at the Natural Resources Ministry. He said the country’s help can also be vital to the Environmental Protection Agency (EPA).
Jagdeo was keen to note however that Guyana is not relying solely on support from India. He noted that there are other bilateral partners such as Qatar who have a wealth of experience and are willing to share same.
Overall, the Vice President believes these partnerships will be crucial to helping Guyana realize its vision for being a model state in regulating oil and gas resources.
