22 C
Georgetown
Thursday, May 13, 2021

Open remaining oil blocks to competitive auction or keep them – Jagdeo

Must Read

Chevron shuts in Tamar gas platform offshore Israel as violence escalates

(S&P Global Platts) US major Chevron has shut in the Tamar gas platform offshore Israel amid an escalation of...

Giant Yellowtail FPSO will produce up to 7.5 million barrels of oil per month during early stage of operations

The offshore developments in Guyana are growing both in number and capacity, with the fourth proposed project at Yellowtail...

Fabrication of topsides for Guyana’s 3rd oil production vessel underway in Singapore

Work on Guyana’s 3rd oil production vessel is progressing on schedule in Singapore, SBM Offshore said in its Q1...
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.

Leader of the Opposition and former President of Guyana, Bharrat Jagdeo, is calling for the implementation of competitive bidding for remaining oil blocks or for them to be kept for future generations.

Responding to questions from the media, the Opposition Leader made known his dissatisfaction with the government’s handling of the budding petroleum sector and outlined several issues he believes needs urgent attention.

“For months, I, like other Guyanese, have witnessed the Coalition Government fail on its promise to deliver on the establishment of a Sovereign Wealth Fund.  The current Administration has neglected to work on a solid and apolitical management architecture for our emerging oil and gas sector,” he stated.

Mr. Jagdeo said he has urged the current administration to “take cognizance of the Santiago Principles and a model similar to the principles on which the Norwegian model was developed.”

But the establishment of a Sovereign Wealth Fund he said, is only one element of a management framework for the sector.

“I have said before that there should be no ministerial involvement in the Petroleum Commission; that the remaining oil blocks should be subject to a competitive auction or kept for future generations; and that we should complete the work on the Local Content framework,” he stated.

Some members of the business community including President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, have also been calling for remaining oil blocks to be kept for future generations and for legislation governing  local content to be enacted.

Regarding the Petroleum Commission, Minister of Natural Resources, Raphael Trotman told OilNOW in a recent interview that efforts are being made to address the concerns of several stakeholders that the Petroleum Commission of Guyana Bill in its current form bestows too much authority in the subject minister.

But Mr. Jagdeo is of the view that very little progress is being made to put systems in place in preparation for first oil.  “There have been no substantive moves in any of these directions.  As I have said before there is no clear management framework for the oil and gas sector,” he said.

- Advertisement -
- Advertisement -

OilNOW TV

Latest News

Chevron shuts in Tamar gas platform offshore Israel as violence escalates

(S&P Global Platts) US major Chevron has shut in the Tamar gas platform offshore Israel amid an escalation of...

Giant Yellowtail FPSO will produce up to 7.5 million barrels of oil per month during early stage of operations

The offshore developments in Guyana are growing both in number and capacity, with the fourth proposed project at Yellowtail being designed to utilize a...

Fabrication of topsides for Guyana’s 3rd oil production vessel underway in Singapore

Work on Guyana’s 3rd oil production vessel is progressing on schedule in Singapore, SBM Offshore said in its Q1 trading update on Wednesday. The...

Proposed, sanctioned offshore developments to deliver over 800,000 bpd by 2025

Guyana has gone from having no known oil resources just 6 years ago to now holding over 9 billion barrels of oil equivalent. The...

Mærsk Developer to drill additional appraisal well for Total in Suriname

Total E&P Suriname, Suriname Branch has exercised an option to add the drilling of one additional appraisal well in Suriname’s Block 58 to the...

More Articles Like This