strengthening of technical skills for contract negotiation in 2023 - Min. Vickram Bharrat

By Kiana Wilburg

outlining how the industry is guidance on the transparent implement guiding policies to be regulated to ensure and effective upstream oil forthepetroleumsectorwith

Natural Resources Minister, Vickram

The Ministry of Natural sustainable economic and gas legislative and a focus on the rate of Resources will be pursuing a development. institutional changes needed extraction and the proper suite of activities for 2023, The policy is also for Guyana; outline the abandonmentofwells. all in an effort to ensure regarded as crucial since it is pathwayformodernizingthe

Bharrat

Furthermore, he said better management of expected to address the full licensing and contractual stakeholders can look Guyana’s oil resources spectrum of exploration, regime oil and gas forward to there being more According to Natural development, production operations in Guyana; sensitization outreaches on Resources Minister, and decommissioning of oil develop and standardize a oilandgas-relatedtopicsand Vickram Bharrat, some of and gas resources. It is also transparent fiscal regime for the continued support for the these works will include the needed to establish a firm upstream oil and gas LocalContentSecretariat. implementation of an basis for putting in place the operations which attracts

Significantly,hesaidthat UpstreamOilandGasPolicy necessary legislation, investment and generates there will be the completion andStrategy regulationsandotheraspects revenue for the country; and of at least one cost recovery This document is of the institutional establish measurable audit this year It should be premised on a broad framework required for the initiatives to improve noted that there are two objective of attracting and efficient development of the t r a n s p a r e n c y a n d outstanding audit reports: securing investments in sector accountability 2012 and was finalised and entails the development of one for the audit of upstream exploration Additionally, the policy Work on the Upstream approved in the third quarter technical skills in contract ExxonMobil’s US$460M activity, and effectively is supposed to provide Oil and Gas Policy began in of 2014 by the Donald negotiations along with pre-contract costs and the Ramotaradministration.The improved fiscal policies. He audit its US$7.3B bills for Commonwealth Secretariat saidtoothatgovernmentwill theperiod2018to2020. provided assistance, from endeavour to encourage Bharrat was also keen to the inception, for the more exploratory seismic note that the ministry has document which was studies within the Guyana developed its Strategic Plan launched in January 2015, Basin. The foregoing falls for the period 2021 – 2026. mere months before the under the government’s This document focuses on General and Regional programme to promote and the interrelationships of Elections were held in May support the exploration, trends in the expansion of that year The policy saw d e v e l o p m e n t , a n d natural resources sectors, further work after the production of petroleum new emerging sectors, and discovery of oil was resources by regulating and changes in environmental announced and the David managing the industry to andsocialconditions. Granger administration ensure that the resources are K a i e t e u r N e w s assumedofficein2015too. d e v e l o p e d i n a n understands that the