Public consultations to be held on oil revenue in Guyana

Must Read

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that...

Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel...

Drill campaign for Liza phase 2 development continues

ExxonMobil, operator at the Stabroek Block offshore Guyana, is moving forward with its development drilling operations for phase 2...
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 Government of Guyana will be holding public consultations on how oil revenues will be invested and spent.

During a Press Conference on Monday, August 6, 2018, at the Ministry of the Presidency in Georgetown, Minister of State Joseph Harmon said that no decisions have been taken as yet, in regards to the investment of revenues earned from the country’s emerging oil and gas industry which will be placed in the Natural resources Fund. 

He added that they “haven’t made any decisions as to the entity that will be managing that process, but the investment basically is intended to be safe investments so that the money does not just remain there but it is invested in safe investments that will allow for the country to benefit in the long run by having this fund.” 

He went on to say that there are several options which have been proposed, “which of course will be dealt with in the public consultations as to what amount will go to the investments and what amount will go to development.” 

Minister Harmon revealed that the recently completed Green Paper on the Natural resources Fund provides three options in this regard and a decision will be taken so as to arrive at “something in the best interest of Guyana.” 

He also divulged that the revenues will also be used to fund developmental projects, and will be accessed through budgetary allocations. “Projects which are identified for budgetary support will get that support through the Fund.  The proposal is that the oil revenue will not go directly to any particular sector, but it will go through the Fund and then the Ministry of Finance in the preparation of the budget will call upon the Fund for resources to fund projects that are being identified,” the Guyanese Minister stated.

- Advertisement -

1 COMMENT

  1. I read earlier in an article where the oil revenues would first go. It stated that Guyana’s infrastructure will be the first to be upgraded, as well as the social and economic situation will be given attention. No harm for the fund. However do not back track on statements Mr. Harmon. Guyanese as far as China are reading this statement. Remember we are in the age of technology.

Comments are closed.

Latest News

ExxonMobil to ease shut-ins to 200,000 boe/d in Q3 on recovering demand

(S&P Global Platts ) ExxonMobil aims to ease global oil and gas production shut-ins by about 40% to 200,000...

Saipem in ground-breaking agreement for deep-seabed mining

Fincantieri and Saipem have signed a Memorandum of Understanding (MoU) to promote the development of deep-seabed mining (DSM), i.e. the sustainable exploitation of deep-sea...

Suriname’s Block 58 could hold 6.5 billion barrels of oil – Morgan Stanley

US multinational investment bank and financial services company Morgan Stanley says its modelling of Suriname’s Block 58 shows that it contains a potential 6.5...

Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area...

Drill campaign for Liza phase 2 development continues

ExxonMobil, operator at the Stabroek Block offshore Guyana, is moving forward with its development drilling operations for phase 2 of the Liza project. The Noble...

More Articles Like This