NOW would be the best time for the Government to consider how revenues which are expected to be gained from the oil sector will be spent on various areas of development.
This is according to United States Deputy Chief of Mission (DCM) Terry Steers –Gonzalez, during his address at the opening ceremony of the Guyana Oil and Gas Association (GOGA) conference and exhibition at the Georgetown Marriott Hotel, Kingston, on Sunday.
Steers –Gonzalez said that the private sector along with Government and civil society will play an integral role in shaping society’s development into the future.
“Guyana is at the cusp of transformation,” he said, while noting that recent estimates of offshore oil deposits have been as much as 1.6 billion barrels of recoverable oil with additional resources yet to be quantified.
“It will be critical to think now about how best to invest those revenues,” he said, as he mentioned various sectors of the economy including health, education, the security sector, industries and renewable energy sources.
Steers-Gonzalez told the gathering which included several ministers of Government, including Foreign Affairs Minister Carl Greenidge, Natural Resources Minister Raphael Trotman and Minister of Telecommunications Catherine Hughes, that legislation and regulations to protect Guyana’s interest and promote transparent resource management at all levels are key components for success of the industry.

Noting that Guyana’s economy “has been doing well,” he said the establishment of a Sovereign Wealth Fund is the cornerstone “or crown jewel” in any new gas regime, since it will provide Guyana with an opportunity to invest in its future.
Minister Trotman in his address pointed to the importance of a partnership approach in development of the petroleum industry. To this end, he singled out the participation of individual groups, associations and other countries which are prepared to work in best interest of the country.
“We seek like-minded partners,” he said.
He said over the past 20 months, since the Liza 1 discovery in the Stabroek Block discovery, the Government has forged partnerships with a number of organisations as it works towards the enactment of legislation to manage the sector.
He termed 2016 the year of preparation and 2017 implementation of its plans.
The conference which runs until March 28 is set to promote long-lasting business relationships and unlock possibilities that will deliver the ultimate business setting to succeed in today’s competitive hydrocarbons marketplace.
The exhibition will be open to members of the public on the final day, March 28, from 10:00hrs to 16:00hrs.