Opinions

The views expressed here are solely those of the author in their private capacity and do not represent the views of OilNOW.

Opinions

1-Year Later: Advice for the Guyanese Nation on the event of first oil

OilNOW -
The following op-ed was first published on December 23, 2019. One year later, the advice from Trinidad and Tobago's former Energy Minister Kevin Ramnarine remains pertinent. By Kevin Ramnarine - OilNOW  Guyana is at the dawn of a new economic era...
Opinions

The political economy of Guyana’s natural resource funds

Bobby Gossai, Jr. -
The economic case for natural resource funds is surprisingly weak. There is, however, an important political rationale for resource funds. The importance of natural resource funds (NRFs) lies in the effects that they have on the incentives facing political...
Opinions

Public governance and integrity for Guyana’s oil wealth

Bobby Gossai, Jr. -
Matters such as public governance and integrity may be already addressed by existing legislation; if not, they should be addressed in the oil revenue management law or in ancillary regulation. At a minimum, the basic principles of public governance...
Opinions

Where is Guyana seeing the benefits of oil production?

Bobby Gossai, Jr. -
By Bobby Gossai Jr. Bobby Gossai, Jr. recently completed his MSc (Econ) in Petroleum, Energy Economics and Finance from the University of Aberdeen. Mr. Gossai, Jr.’s professional experiences include being the head of the Guyana Oil and Gas Association and...
Opinions

Audit and reporting for Guyana’s oil revenue administration

Bobby Gossai, Jr. -
An important mechanism of accountability is the periodic auditing of the oil fund. An oil revenue management law should specify the accounting method or methods the oil fund should follow and require all activity of the oil account to...
Opinions

Oversight and controls for Guyana’s petroleum revenues

Bobby Gossai, Jr. -
Limitations on Types of Investments An oil revenue management law should limit an oil fund's investments to certain secure and non-speculative instruments. New oil revenue management law and petroleum fund law should provide for such limitations. As a fund becomes...
Opinions

Oil fund management for Guyana

OilNOW -
Central to any revenue management law is the set of rules and basic principles governing the management of the oil fund. Good governance, professional management, and broad oversight can go a long way in protecting the value of oil...
Opinions

Spending limits, stabalisation and endowment funds for Guyana’s petroleum revenues

Bobby Gossai, Jr. -
An oil account can serve a number of purposes. It could be a mechanism for monitoring oil financial flows, a stabilisation fund to take account of fluctuating oil prices, or a savings device to establish a permanent fund to...
Opinions

Critical legal and institutional issues for Guyana’s natural resources’ revenue management

Bobby Gossai, Jr. -
In principle, oil or mineral revenues could be handled like any tax or other receipts, placed in Treasury accounts, and allocated in accordance with normal budgetary process. However, in a resource-dependent economy, the magnitude of the receipts and the...
Opinions

Good governance and applying Guyana’s oil income to national benefits

Bobby Gossai, Jr. -
Oil-rich low-income countries have sometimes been advised to accumulate their oil income into a national financial pool or fund (perhaps held in foreign stocks and bonds), and to spend only the “income” or “earnings” on the financial assets in...
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