Private sector group wants Guyana government to explain how it will use oil money

Must Read

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at...
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 head of a body representing private sector interest in Guyana believes that the country’s government should already have a plan in place on how revenues from the oil and gas industry will be utilized.

In an interview on Thursday at the Guyana Marriott Hotel, Deodat Indar, President of the Georgetown Chamber of Commerce and Industry (GCCI), said, “We need to see some document, law or policy that would state what we will do with the monies that we receive from Exxon.”

In this regard, he suggested that a national conversation should take place to seriously examine investment opportunities for the country’s oil revenues.

“There were four broad areas outlined but we need to go into more details on where we will spend the oil revenues for capacity development in Guyana. We need to develop our institutions from security to the fire service, to the hospitals to the schools, roads, bridges, ports and ICT networks,” he said.

The production of oil will begin in 2020 and Guyana will receive revenues from day one of production. Government is yet to roll out a clear development plan outlining how projected revenues from this new industry will be utilized.

A number of Guyanese stakeholders including private sector groups and members of civil society have been calling on government to explain its vision for the use of oil revenue.

Representatives of the donor community have also been pointing out that while revenues from oil production can transform Guyana to “one of the richest” countries in the western hemisphere, this requires thoughtful planning.

- Advertisement -

Latest News

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

TechnipFMC in major deal with Assiut National Oil Processing Company

UK-based TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of Texas, undisturbed by the high-stakes...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at the Orinduik block, it should...

Brazil’s Petrobras begins decommissioning offshore platform in Campos Basin

Brazilian state oil company Petrobras says it has begun the decommissioning of the P-12 platform in the Campos Basin and will also be moving...

More Articles Like This