THE Ministry of Natural Resources has received a clean financial review from Guyana’s Audit Office for 2023, underscoring its prudent spending practices and resulting in nearly $28 million in budget savings.

According to the Audit Office’s report, the Ministry was allocated $1.654 billion to execute its programmes in 2023 but expended $1.626 billion as of December 31, achieving a saving of $27.44 million.
The Head of the Budget Agency attributed this financial efficiency to the Ministry’s methodical approach to its Work Plan. This careful planning allowed for various operational improvements without expending the full budget.

The Ministry noted that much of the savings came from its Policy, Planning, and Administration programme, which recorded $6.219 million in unspent funds. Efficiency improvements in utility usage also saved an additional $2.883 million on water, electricity, internet, and telephone services.
Further savings of $5.969 million stemmed from contracts awarded under budget, allowing for the completion of consultations and other services at lower-than-expected costs. For the Natural Resources Management programme, the Ministry recorded $875,000 in unspent funds due to additional staff resignations, including those of Wardens I and II.

Proactive maintenance strategies at the Ministry’s Annex Office, Aranka Warden Station, and Bartica Warden Station reduced emergency repair needs, contributing $4.861 million in savings. Improved utility efficiency at these facilities added another $707,000 in surplus funds.
Under the Petroleum Management programme, a cost-saving strategy was realised by co-locating the Guyana Geology and Mines Commission’s Petroleum Department within the Ministry’s 42 Brickdam Office. This consolidation lowered utility costs, saving $1.027 million. Additionally, preventative

maintenance at key locations yielded a further $1.596 million in savings, while efficient crude lifting operations at FPSO vessels contributed $935,000 in savings by reducing demurrage costs.

In total, the Ministry’s achievements reflect a highly efficient operational model and set a positive standard for budget management in Guyana. The Ministry’s careful planning and proactive measures not only ensured substantial cost savings but also demonstrated a commitment to maximising resources for future initiatives.