GUYANA received high praise from Commonwealth Secretary General Patricia Scotland for being proactive in addressing critical areas to guard against corruption ahead of oil production in 2020
At a press conference at the National Communications Network (NCN) on Friday, Baroness Scotland said the country is not reactive but rather proactive in the development of its oil and gas sector.
“Guyana is not waiting for it to happen before they begin asking for advice. The Government and the people of Guyana have been asking for assistance in terms of how we structure the new development, so that it is in place before the money comes,” the Commonwealth Secretary-General told reporters.
Since 2016, the country has been receiving economic advice from the Oceans and Natural Resources Division of the Commonwealth Secretariat on the drafting of laws and the establishment of the institutions and fiscal rules for the Sovereign Wealth Fund (SWF). The SWF Legislation is compliant with the Santiago Principles and International Best Practices.
According to Baroness Scotland, the types of guidelines and mechanisms that are being instituted will make it very difficult for corrupt practices to grow. “I know that Guyana wants to have the most robust system in the world, and the secretariat is very determined to be alongside all of you here and to ensure that Guyana shines,” she said, while recommitting Commonwealth’s support to the people of Guyana.
In March, the Natural Resources Ministry organised a high-level caucus for Cabinet ministers creating an opportunity for them to engage global thinkers and experts on natural resource management. The caucus formed part of the Government’s agenda to prepare for oil production in 2020, and beyond.
The caucus, which was facilitated by Chatham House, the Royal Institute of International Affairs, featured world renowned experts Sir Paul Collier, noted Professor of Economics at Oxford University; Sir Shridath Ramphal, Caribbean Statesman and International Advisor; and Eric Parrado, former Manager of the Sovereign Wealth Fund of Chile, among other international experts.
In April, Commonwealth Economic Adviser, Natural Resources Division, Dr. Daniel Wilde briefed Cabinet on the critical sections of the Sovereign Wealth Fund (SWF) legislation. According to Dr. Wilde, the country is on the correct path with regards to the establishment of the SWF legislation.
In February, United States (U.S.) oil giant ExxonMobil announced its seventh Oil Discovery Offshore Guyana, adding to its discoveries since 2015. Pacora-1 well encountered approximately 65 feet of high-quality, oil-bearing sandstone.
The company’s Ranger -1 well encountered approximately 230 feet of high-quality, oil-bearing reservoir, located some 60 miles northwest of its Liza Phase One project within the Stabroek Block.
That discovery, Exxon had said provides a new play concept for the 6.6 million acre Stabroek Block. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.
