-Natural Resources Minister says
-sets record straight on management of oil and gas revenues
MINISTER of Natural Resources Vickram Bharrat has said that the funds from the oil and gas sector are being managed properly by the People’s Progressive Party/Civic (PPP/C) government.

He made this statement during an outreach on Friday at Karaudarnau, Region Nine (Upper Takutu-Upper Essequibo).
“We said to you once we’re elected and we get back into government that we will keep coming to you; that we will bring the government to you,” the minister said.

He added, “Community by community, region by region and our country as a whole is on an upwards trajectory in terms of development and bringing benefits to every single Guyanese.
“Another promise we made on the campaign trail is that we are going to ensure that there is strict accountability and transparency in government and across all sectors, especially our new sectors like the oil and gas sector and now we’re receiving revenue from our carbon credits.”

With Guyana leading by example in sustainable forest management and climate action, the Natural Resources Minister said that this is something to be proud of.
Under the new high-integrity carbon standard known as ART (Architecture for REDD+ Transactions), Guyana was the first nation to receive carbon credits through this high integrity standard.

A total of$33.47 million forest carbon credits were issued to Guyana for maintaining its high forest cover and maintaining low rates of deforestation and forest degradation between 2016 and 2020, earning Guyana at least US$750 million. Hess has made a commitment to buy Guyana’s premium REDD+ carbon offsets between 2022 and 2032.

Through jurisdictional REDD+ measures, Guyana has successfully maintained forest cover and kept deforestation and forest degradation at a low level. This accomplishment is in line with Guyana’s larger objectives under the Low Carbon Development Strategy (LCDS) 2030.

“That money is to supplement what we are already doing in your community as a government,” he said.
“…I went to a few indigenous communities and there is some misinformation being peddled by some organisations… The government or nobody never sold any forests,” the minister firmly stated.

He then explained that the government sold the ability of Guyana’s forests to trap carbon dioxide. Meanwhile, he also touched on the oil and gas sector and the misinformation surrounding it.
He pointed out how the Natural Resource Fund (NRF) is supporting transparency of the management of the oil and gas sector.

“It don’t go into anybody pocket, it goes into that account [NRF]” he said, noting, “Our country is transforming and is transforming rapidly.”
Pursuant to the NRF Act, all withdrawals from the NRF to finance the national budget are subject to approval by the National Assembly.

Once the budget is approved, only then the withdrawal can be effected, and this is done not all at once, but throughout the fiscal year in various sums. Additionally, all withdrawals from the NRF shall be deposited into the Consolidated Fund (CF) in accordance with the NRF Act.

The NRF Act establishes that withdrawals from the NRF shall be used to finance the following: –
a) National development priorities including any initiative aimed at realising an inclusive green economy; and b) Essential projects that are directly related to ameliorating the effects of a major natural disaster.

The national development priorities of the country are not state secrets. Broadly speaking, the development priorities are: the energy sector aimed at reducing energy cost and delivering a reliable supply of energy, infrastructural development, housing, education, health and the green economy within the framework of the LCDS, just to name a few and for context.