As it prepares to launch its first auction of oil blocks, government yesterday said that it was finalizing the fiscal terms and conditions to guide those agreements it will enter into and will ensure the nation gets a “fairer share” from its oils and gas resources.
And as it wants maximum global interest and competitive bidding, it said that it will be embarking on “an intensive promoting campaign” that will ensure this.
“Cabinet is finalizing the new fiscal terms and conditions which will allow for the country to gain the maximum economic benefits as we advance the exploration and development of the Guyana offshore blocks,” a press release from the Ministry of Natural Resources said yesterday.