Friday, September 29, 2023

Guyana sets aside GY$500 million to boost capacity to manage oil sector

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Out of Guyana’s massive GY$781.9 billion budget, the government has allocated GY$500 million towards the improvement of institutional capacity for the management of the oil and gas sector. The funding comes from a World Bank US$20 million loan approved in 2019.

The proposed sum will go towards the enhancement of Guyana’s institutional framework for management and oversight of the sector. It will also go towards building capacity for the Ministries of Natural Resources, Public Works and Finance.

The sum also covers capacity building for the Geology and Mines Commission (GGMC) and the Environmental Protection Agency (EPA) – critical regulators of the sector.

The EPA said it will be using its share of the allocation to leverage cutting-edge science and technology like artificial intelligence and data analytics to improve its regulatory compliance and enforcement.

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Proposed in the estimates of the budget is the creation of an oil and data management system for the sector along with support for public relations and project management services.

A portion of the loan will be utilised to fund other projects announced back in December.

The government awarded a US$38,070 two-year contract to vLex Justis Limited to provide software for efficient legal representation through access to up-to-date oil and gas articles, journals, and books.

Another contract totalling US$530,630 was awarded to Landmark Technology Holdings Inc., to provide the new oil producer with well management software. This is considered a necessary tool for assessing, reviewing, and evaluating any changes to well programmes or designs.

Guyana also selected Schlumberger Guyana Inc. to provide analytical geoscience and reservoir engineering software. This is to ensure the geological, geophysical and reservoir engineering data received from the industry can be validated, utilised, or monetised. This is expected to be delivered within one year and cost US$998,489.

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