Introduction
Today’s column addresses the tenth and final item in my non-exhaustive list of the “top-ten economic challenges”, which Guyana will have to confront as it operationalises its coming petroleum sector. That challenge is none other than the contentious issue of how to effectively integrate the country’s expected petroleum revenue inflows into the existing national budgetary process.
It should be noted at this juncture that, at the time of penning this column, Guyana’s petroleum discoveries continue to mount at a remarkable pace. Exxon and partners have just announced a 14th discovery in the Stabroek block, since mid-2015! This is the first of the three additional discoveries the group had projected for the second half of 2019. Accompanying this find, Tullow and partners have also announced their second discovery at Joe 1. This follows their discovery last month at the Jethro 1 drilling site. These developments will significantly impact Guyana’s expected petroleum revenue inflows, making this challenge one of rising importance.