PRESIDENT Irfaan Ali said on Saturday that his government has plans to set up a petroleum commission to insulate the oil-and-gas sector from political interference.

He made the announcement during his keynote address at his inauguration ceremony at the National Cultural Centre.

The President said that Guyanese must not be fearful or doubtful about how their natural resources will be managed and his government will put the necessary oversight bodies in place to ensure transparency.

“Our legislative agenda will create a regulatory framework to enhance sustainable productivity, but with a human face and in an environmentally friendly atmosphere. We will also establish a petroleum commission to ensure that the oil-and-gas sector is not subjected to undue political interference. More importantly, we will ensure that every cent of the revenues from the sector is accounted for, as well as every cent of it that is spent. There must be no doubt in the minds of our people that our country, our nation, our people are the beneficiaries of the oil-and-gas industry,” he assured citizens.

In 2017, former Minister of Natural Resources, Raphael Trotman tabled the Petroleum Commission of Guyana Bill 2017 during the 64th sitting of the 11th Parliament.

The Bill, which is the legislative architecture for the Petroleum Commission of Guyana, was to be taken to a Special Select Committee at a later sitting of the National Assembly after its second reading. However, to date, it has not yet been passed.

The passage of the Bill should have seen the creation of the Petroleum Commission of Guyana, which would have overseen and managed Guyana’s fledgling oil-and-gas industry.

It would have had the responsibility of monitoring and ensuring compliance with the policies, laws and agreements for petroleum operations, as well as for ensuring compliance with health, safety and environmental standards and local-content participation.

New Minister of Natural Resources, Vickram Bharrat, told the media that he has plans to table the bill once again as a priority, once his government gets back to Parliament.

President Ali has also stated: “This huge projected growth is a bounty of our considerable oil-and-gas finds that promise recoverable petroleum resources estimated at more than eight billion barrels. We are conscious that the proceeds of this bounty must be managed in a transparent way that will assure the people of Guyana that they will be the beneficiaries in a fair and equitable manner.”

As a result, he has pledged that his government will also establish legal and regulatory foundations for the building of a new and modern economy, which will strike a vital balance between Guyana’s traditional sectors and its emerging industries of oil and gas, technology and communications.