In a bid to make certain that revenues from oil and gas are properly spent, drafts of eight key policies and laws are due for completion by December 31.
This was related by Minister of Natural Resources, Raphael Trotman to the Annual Awards ceremony for the Georgetown Chamber of Commerce and Industry at the Marriott Hotel on Friday.
Delivering the feature address on oil and gas, Trotman identified the octet as:
- the National Oil and Gas (Upstream) Policy
- the Petroleum Regulatory Commission Bill
iii. the Local Content Policy
- the Petroleum Exploration and Production Legislation and Regulations
- the Petroleum Commission Legislation (regulation and oversight)
- the Petroleum Taxation and Fiscal Legislation
vii. the Sovereign Wealth Fund Legislation
viii. the Public Communication Framework
He said that the APNU+AFC government is cognisant of the amount of money that will circulate through our economy as a result of the extraction of oil and gas around 2020 and one of the key priorities is to ensure that it is exploited in a manner that helps spur economic development that is sustainable and equitable.
“We maintain that investments in our natural resources must benefit our communities and whilst royalties and compensation are a key part of this benefit sharing discussions, they are just one part of the debate. Another critical area is using the sectors to provide catalytic support to the local economy,” Trotman told the gathering.
He said that the APNU+AFC Govern-ment recognises the need for a highly skilled workforce for the oil and gas sector and therefore revamping the public education system and integrating the supply and demand of labour are two key initiatives being undertaken.
He noted that there are many skills and services that are needed over the next few years such as Aviation, Waste management, Fuel supplies, Catering, Security services, Scaffolding, Warehouses, Jani-torial services, Housing and accommodation, Schools, transportation, Petroleum engineers, Equipment operators and Labourers.
Trotman said that numerous initiatives are underway with the Private Sector Commission, the Guyana Manufacturing and Services Association and the newly formed Oil and Gas Association of Guyana. Additionally, he said that ExxonMobil which will be developing Guyana’s first commercial oil well has advised that early in 2017 a web-based portal will be created as a precursor to an Enterprise Development Centre. This will allow citizens to go online to find out about procurement, employment and other opportunities. By the end of 2017, this portal will give way to the setting up of a physical location where persons can visit and interact with staff.
