22 C
Georgetown
Tuesday, April 13, 2021

Guyana to take IMF’s recommendation on petroleum taxation on board

Must Read

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic...

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura...
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.

Guyana will be taking on board some of the recommendations made by the International Monetary Fund (IMF) recently with regards the modernizing of its petroleum fiscal regime, taxation structure and Production Sharing Agreements (PSAs).

The International Financial Institution, in 2017, was invited by the South American Country’s government to conduct a review, and subsequently prepared, “A Reform Agenda for Petroleum Taxation and Revenue Management” report, submitted in November.

That report outlined a number of recommendations regarding Guyana’s PSAs and fiscal regime. The country’s Finance Minister, Winston Jordan has said some of the recommendations will be taken on board that would see changes being made to the structure of future PSAs.

Speaking to reporters on Friday at his Georgetown office, Mr. Jordan said, “Since 2016 when the multi-laterals really come on board, they have done a range of studies.”

He further stated that in moving forward with changes to the PSA structure, the IMF did make it “very, very clear there is nothing you can do with those you have already signed.”

According to the Finance Minister the IMF’s report would form a part of the “blueprint going forward for any other arrangement that you may enter into with oil companies but not with those who we have contracts with already.”

Mr. Jordan used the occasion to confirm too that the IMF continues to assist Guyana in its preparation of first oil come March 2020.

OilNOW TV

Latest News

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic and International Studies says a...

Total, CNOOC enter agreements with Uganda and Tanzania for $3.5 billion pipeline

(Reuters) -Uganda, Tanzania and oil firms Total and CNOOC on Sunday signed agreements that will kickstart the construction of a $3.5 billion crude pipeline...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura Deep-1 well in Trinidad and...

Exxon’s Greater Guyana Initiative brings Zoom Rooms project to University of Guyana

The University of Guyana (UG) on Saturday launched its Zoom Rooms project which it says lays down the first building blocks for its blended-learning...

More Articles Like This