Opinions

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

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...
Opinions

Exchange rate policy for Guyana’s emerging petroleum economy

OilNOW -
In the "normal" case that the real exchange rate tends to appreciate following an increase of oil earnings, government policymakers can "engineer" that appreciation in two ways. In the first case, the central bank maintains a floating exchange rate....
Opinions

The fear of Dutch Disease from Guyana’s petroleum development

Bobby Gossai, Jr. -
One of the possible harms of an oil export boom is that the rise in oil earnings leads to increased public and private spending, which in turn leads to a sharp appreciation of the real exchange rate, and then...
Opinions

Oil & public investments for Guyana’s overall development – not direct “citizen share”

Bobby Gossai, Jr. -
Oil earnings for an emerging economy such as Guyana should be turned into public investments rather than into increased private consumption. Most poor countries are severely constrained in their development by the under-provision of public goods. Economic development, though undoubtedly...
Opinions

Oil funds and managing the macroeconomic effects for Guyana

Bobby Gossai, Jr. -
Successive Guyanese governments will have to consider the concept of a separate oil fund. A separate fund could entail providing for a fixed sum to be spent in areas additional to the government’s main spending programmes. However, it may...
Opinions

Investment, depletion and consumption of Guyana’s oil revenues

Bobby Gossai, Jr. -
Full national considerations are also relevant to a depletion policy of a country’s petroleum resources. Security of oil supplies must be a consideration in Guyana. Possession of crude oil reserves can obviously make a contribution to the solution of...
Opinions

Depletion policy and licencing arrangements for Guyana’s oil reserves

Bobby Gossai, Jr. -
The rate at which Guyana’s Offshore Basin oil reserves will be depleted will clearly be influenced by the licencing arrangements. The basic decisions regarding the frequency and size of licence rounds, the location of blocks on offer, and the...
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Exxon to relinquish 9% of Stabroek Block acreage

ExxonMobil will relinquish at least 9% of the vast Stabroek Block in Guyana as required by its petroleum agreement,...

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