22 C
Georgetown
Wednesday, February 24, 2021

Multi-stakeholder committee to monitor oil revenues – Jordan

Must Read

Government working with Exxon to ensure early solution to gas compressor issue – Bharrat

The Guyana government is working with ExxonMobil to ensure that the faulty third stage gas compressor now under repairs...

SBM Offshore is sole bidder for giant Brazil FPSO

Brazil’s state-controlled oil company Petrobras received only one proposal, from Dutch floater specialist SBM Offshore, in a bid to...

100 million b/d global oil demand rebound likely by year end

(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by...
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.

The Guyana Government has committed to setting up a body to monitor the management of proceeds generated from the emerging Oil and Gas Industry. The Public Accountability and Oversight Committee is being facilitated under the recently tabled Natural Resources Fund (NRF) Bill.

During the presentation of the 2019 National Budget on Monday afternoon, Minister of Finance Winston Jordan explained that the committee will comprise a wide cross-section of stakeholders.

“The Committee will be mandated to report on the Fund, including the investment of petroleum revenues as well as the utilisation of withdrawals from the Fund, which are to be invested through the National Budget,” Jordan told the house.

According to the NRF Bill, the 22 member committee will also seek to ensure that the fund is managed transparently, in keeping with good governance and international best practices.

In updating the nation of the administration’s efforts to manage oil revenues Jordan indicated that the Fund directly meets 21 of the 24 heralded Santiago Principles, which are intended to ensure transparency, good governance, accountability and prudent investment practices.

The other three will be met upon implementation of the Fund, once the bill is passed

“Petroleum revenues will form part of our national patrimony,” Jordan surmised.

Alternatively named the Sovereign Wealth Fund, the NRF is intended to stabilize the country’s economy through diversification and to generate wealth for future generations.

According to the bill, the committee will comprise nominated representatives from civil society organisations, the bar and press associations and even women and youth representatives.

Guyana is preparing for first oil in the first quarter of 2020

Latest News

Government working with Exxon to ensure early solution to gas compressor issue – Bharrat

The Guyana government is working with ExxonMobil to ensure that the faulty third stage gas compressor now under repairs...

SBM Offshore is sole bidder for giant Brazil FPSO

Brazil’s state-controlled oil company Petrobras received only one proposal, from Dutch floater specialist SBM Offshore, in a bid to construct the Mero 4 oil...

100 million b/d global oil demand rebound likely by year end

(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by the end of the year...

Value of Saudi oil exports fell nearly 30% in December

(Reuters) - The value of Saudi Arabia’s oil exports in December dropped nearly 30%, or 19.5 billion riyals ($5.2 billion), compared with the year...

Experts finalizing recommendations for repair of discharge silencer

Reassembly of the Liza Destiny FPSO flash gas compressor sent to Germany for repairs continues at the MAN Energy Solutions workshop. ExxonMobil Guyana said on...

More Articles Like This