New Guyana government looking to rebuild investor confidence after grueling 5-month elections ordeal – President Ali

Must Read

Iranian super tanker ‘horse’ set to violate U.S. sanctions again by shipping Venezuela crude

(Bloomberg) --After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela just last week,...

“Female-owned’ maritime institute prepping hundreds of Guyanese for deepwater operations

MatPal Marine Institute, the only maritime institution in Guyana, is equipping hundreds of Guyanese with internationally recognized...

BHP projects, amendment to Petroleum Tax can be game changers for T&T – Energy Chamber

While oil production in Trinidad and Tobago has been on the decline since the 1980’s, two current...
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.

As a result of the electoral impasse which delayed the swearing-in of the new government in Guyana by five months, investor confidence and trust in the new oil producing country has been severely damaged according to its new President, Dr. Irfaan Ali. As such, he said the government is now focused on rebuilding the country’s image and credibility.

“We have to build trust and confidence that has been severely damaged over the last five months,” President Ali told the country’s Private Sector Commission on Monday. 

“We have to ensure that international investors see Guyana as a destination that is not susceptible in the next five years so that they know that their money can be safe, where there is predictability in terms of policy and not policy based on wishful thinking or the mood of the government on a given day,” the President said. “Policy building and policy making cannot operate like that.” 

The five-month delay in a declaration of a winner in Guyana’s elections saw the country descending into a state of deep uncertainty as its fragile democracy came under threat. Mounting pressure from the international community came to a climax in July when the United States announced visa restrictions for officials it deemed to be involved in electoral fraud. The ordeal brought into question the future of the country’s emerging oil and gas industry and the influx of mega investments expected in the coming years.  

President Ali has said that his administration will be looking to make changes in the area of local content, while fast-tracking the establishment of a Petroleum Commission. While it has ordered a review of the work that was done by the previous administration in its assessment of the Payara development – ExxonMobil’s third offshore project – the new government said developing the country’s offshore oil resources remains a top priority. 

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Iranian super tanker ‘horse’ set to violate U.S. sanctions again by shipping Venezuela crude

(Bloomberg) --After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela just last week,...

Bidders line up for ExxonMobil’s UK North Sea oil and gas fields

(Bloomberg) -Exxon Mobil’s UK North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant...

“Female-owned’ maritime institute prepping hundreds of Guyanese for deepwater operations

MatPal Marine Institute, the only maritime institution in Guyana, is equipping hundreds of Guyanese with internationally recognized and accredited certifications for employment...

BHP projects, amendment to Petroleum Tax can be game changers for T&T – Energy Chamber

While oil production in Trinidad and Tobago has been on the decline since the 1980’s, two current events could potentially change the...

Guyanese recruitment firm hosts session on labour law

Strategic Recruitment Solutions (SRSGY) hosted a two-hour learning session titled Employee Engagement – Guyana Labour Law, on Tuesday, September 22. This session...

More Articles Like This