Guyanese Head of State, President David Granger has pledged his administration’s ethical stewardship of the country’s developing Oil and Gas industry and integrity in the management of the revenues from the sector.
In addressing his supporters at the People’s National Congress Reform’s (PNCR) 20th Biennial Congress, President Granger, who is leader of the political party, stated that Guyana is soon to become an oil-producing state and it will be “the most transformative economic development in our lifetime.“
The president of the South-American nation went on to say that “the management of this sector is best done under an inclusionary system so that this valuable resource can be developed and used for the benefit of all Guyanese.”
“Guyanese can be assured that the coalition Government will not be intoxicated by oil. It will manage this new resource in a responsible manner for the benefit of present and future generations,” President Granger affirmed.
He pointed to his Government’s efforts to lay “the groundwork for the petroleum sector to be managed in accordance with international best practices,” given the country’s inexperience and inadequate human resources in this new field.
“We established a Department of Energy on the 1st August 2018 under my personal and direct authority within the Ministry of the Presidency. This new Department will ensure that a sound organisational, operational, legislative and regulatory framework will be put in place to manage the sector. The Department is recruiting international and national experts to assist in this task. We shall establish, also, a Natural Resource Fund to ensure that the revenues accrued from oil and gas are used prudently,” he stated.