Nineteen persons were sworn in as ministers on Wednesday by newly elected Guyanese President, Irfaan Ali, who said the combination of youth and experience in his new Cabinet will take the South American country to its next level of national development.
“The multi-faceted nature of the skills that comprise the team is what Guyana needs to fulfil the aspirations of the people of this country,” Ali said.
OilNOW understands the petroleum portfolio will remain directly under the President while some changes can be expected at the Department of Energy, which is the agency currently responsible for oil and gas.
Who gets control of the windfall from the vast oil resources offshore played a major role in the most contentious elections in the country’s history which saw a government being put in place a record 5 months after Guyanese went to the polls. Now, all eyes will be on the new PPP/C administration as the country of just over 750,000 people prepares for more opportunities and a better standard of living.
“We have to have the right governance structure before we think about touching the resources and we have to have that Sovereign Wealth Fund well thought out, one that acts in the immediate needs of our country while at the same time safeguarding the future generations,” the President has said.
US oil major ExxonMobil began producing oil last December at its Liza Phase 1 Development, the first of multiple projects that are expected to push production well over the 1 million barrels per day mark by the end of the decade.