Following recent revelations in Stabroek News of Global Witness’s estimate that Guyana stands to lose some US$55B on one contract over the next 40 years, Change Guyana presidential candidate, Robert Badal said if he was elected to office he would set up a Commission of Enquiry into the processes and negotiations surrounding Oil and Gas Contracts.
In a statement today, he said that the revelations in the media were highly unsettling to all Guyanese. He noted that the IMF also reported that Guyana has not received a good deal by industry standards.
“We must hold our Government and state officials accountable for compromising our long term interest.
“The absence of transparency in the process of awarding Oil and Gas blocks and the terms of the contracts under both PPP and APNU administrations, a Change Guyana Government will set up a Commission of Enquiry to review the processes and documentary evidence available and interrogate state officials to pinpoint responsibility and outline a template for future contracts.
“We have already indicated our intention to renegotiate all contracts and our preference for royalty based contracts moving forward instead of the complex production sharing arrangements currently in force.
“Our objective is to inform the Guyanese public what went wrong, those responsible, and how we will ensure a more transparent process in awarding of oil and Gas contracts and management of oil and gas resources to ensure that we receive our fair share of our natural patrimony and that these resources are used in the best interest of all Guyanese.”