WHEN ExxonMobil discovered oil in Guyana in 2015, there was an understandable excitement among Guyanese. There was optimism for some, concern for others and even a few saw it as a curse or bad for the environment—very natural reactions to such big news.

The truth of the matter is, oil hasn’t been all good for every country and so success here depends on a number of factors. The good news is that this new government is well positioned to put in place thoughtful and appropriate safeguards to ensure Guyana wins.

Admittedly, the following recommendations will be very high-level, given the limitation of space, but there isn’t a better time to get an ear, or in this case the eyes, of a new administration.

At this point there is little merit discussing the Exxon deal and how much the country might have gotten. Guyana is already producing oil and the country has undoubtedly seen some benefit as indicated in the news earlier this week regarding local content growth. It would be a chilling signal to foreign investors if we changed rules in the middle of the game, especially at a time of one of the most challenging oil markets in decades.

Perhaps time is better spent on the systems and policies that are needed to better manage these resources for the benefit of Guyanese and future generations. The government needs to familiarise itself with the activities of the past five years and boost knowledge of the industry. There has been positive steps in the right direction: seeking out experts to review projects such as the Payara field development plan and the local content policy. But in this context, it is important to ensure that while the experiences of other countries are useful, whatever is implemented locally must be specifically tailored for Guyana— the local content policy/legislation for instance.

While these often have noble intent by mandating a policy of working with local companies and using local goods and services to create jobs and spur economic growth, they require close and continuous dialogue among stakeholders to achieve the type of inclusive growth envisioned.

Often, there can be a mismatch between an industry’s demands and the constraints of a local market, especially for countries with emerging industries like Guyana. Investing in education to build the capacity of locals interested in key roles in the industry and other parts of the economy, as well as ensuring that businesses are able to compete for opportunities, are important prerequisites. And there have been some promising developments with the establishment of the Center for Local Business Development and engagements with technical training institutes.

Of course, this should be part of a comprehensive national development strategy—a plan that also recognises the country’s advancement will depend on investments in other sectors, thereby avoiding the dreaded “resource curse” by an otherwise overly eager reliance on oil.

Guyana, over the years, regardless of the government, has established itself as a country investing in a low carbon/green economy. There ought not to be trade-off between sustainable development and oil production. In fact, research has shown that despite the investments in renewable energy, oil and gas remain a big part of global energy demand for decades to come.

The country can strategically and responsibly develop its resources while seeking out complimentary, cleaner sources of energy to advance its low carbon development agenda; and at the same time plan for future generations via a sovereign wealth fund.

Moreover, laws governing the industry desperately need to be updated and the regulatory agencies must increase training of key personnel and other resources to effectively carry out their mandate. Corruption and the lack of accountability and transparency are too often part of the story of failed oil and gas economies, and, if Guyana is serious about its success, proper safeguards need to be implemented.

The cliché “Guyana is rich in natural resources” tells us that tangible development hinges on proper management of the oil and gas industry – accountability and transparency, an inclusive national development strategy that considers the importance of a diversified economy, and sovereign wealth fund to protect the country’s patronage for future generations are all critical.