GUYANESE hold the expectation that proceeds from the inevitable oil and gas sector will be to their and the nation’s development. Consequently, any and every news and discussion about this evolving sector would aid better understanding of its challenges and the benefits to be derived. One of the realities that ought not to be lost sight of is that the sector is not the magic bullet to solving all our problems, in spite of the perception that it will create money which will flow like the river.

Since the acknowledged discovery Guyana has had the benefit of experts’ who are au fait with the industry offering their inputs and advice. Notable is the common recognition by all that Guyanese must benefit from the exploitation of their resources. In order to meaningfully benefit from anything, it requires being au fait with the issues and the responsibility involved to make the product beneficial.

There is no secret this sector brings with it its own brand of politics and greed. Global experiences could teach us that in this environment politics can be divisive and vicious. Our society, having historically evolved as divided units, continued efforts at forging a polity of One People, One Nation, One Destiny, requires shrewd thinking to avoid such pitfalls.

Given the global thirst and demand for oil and gas, local politics can also become prey to the international dictates of governments and multinationals. Recognition of global events would see the hands of external forces, in pursuit of their self- interest, creating and capitalising on internal instability. Where Guyana’s resources have been located in the area, Venezuela ill-advisedly makes claim to our sovereignty and the right to benefit from these, not only faces a threat, but could also open avenues for others to create alignment with our neighbour in pursuit of their self- interest.

Greed (i.e. corruption), local and external, has seen the revenue from this sector not redounding to the benefit of the masses. Government officials and the influential in society are known to collude with multinational oil industries to rob the state, and by extension deprive its people. One prominent case of such blatant existence is that of Equatorial Guinea.

Proceeding with exploiting the sector for the people’s benefit would also require looking at avenues for ensuring that Guyanese possess the skill sets to benefit from employment. This would require understanding the manpower needs and facilitating necessary training to make it possible. An employment policy or law requiring a baseline employment for local workers is also worthy of exploring. Questions as to the direct and indirect benefits of employment and economic opportunities ought to be pre-eminent.

Another important factor is that of environmental protection. Management–extractive, disposal and clean-up — has to conform to internationally acceptable standards. Where Guyana, in addition to pursuing a green economy is also a signatory to the United Nations Climate Change Agreement, the extractive sector will be required to operate within said guidelines and it would not be in Guyana’s interest to circumvent such protocols.

Structures such as the Environmental Protection Act, State Asset Recovery Act, Anti-Money Laundering and Countering the Financing of Terrorism Act, Integrity Commission and proposed Sovereign Wealth Fund, are well situated to ensure proper management of the new sector, along with holding to account those who are participating in managing it.  Effective functioning is equally reliant on enforcers being adequately trained and equipped with the requisite resources, along with a strong and independent judiciary.

Our parliamentary system, which is the nation’s highest decision-making forum, also needs strengthening.  Recommendations in the Sir Michael Davies’ Report, commissioned during the Bharrat Jagdeo administration, in response to local and international pleas to make the august House more deliberative, are still to be implemented. Minister of Natural Resources, Raphael Trotman’s disclosure that the National Assembly will play a role in determining the future of the industry is welcome news.  Similar involvement could also be extended to other stakeholders.

Management of oil and gas revenue can be the 21st century model for uniting Guyanese across political, racial, and other diversity.  Environmental crises, political instability and inequities in countries such as Nigeria and Iraq, the emergence of terrorist groups such as ISIS, funded on the seizure of oil wells, and the invasion of Iraq are a few of several lessons to learn from and seek to avoid.