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Guyana lauded for disclosure of oil contract - GIPEX 2018

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The Guyana Government’s decision to release the Production Sharing Contract with ExxonMobil was praised by Energy Consultant and Former Minister of Energy of Trinidad and Tobago, Kevin Ramnaraine.

The contract was released by the Government of Guyana on December 28, following mounting pressures from the opposition and members of civil society.

Ramnarine who is attending the GIPEX summit told the media that he hopes this move by Guyana will inspire his home country to do the same.

“Transparency is always welcomed, but historically in Trinidad our PSA contract pour gas sales contract has always been confidential,” he said.

Meanwhile, Ramnarine is of the opinion that the Guyana Government should now focus on building infrastructure to support the oil and gas sector.

He is however, cautioning against borrowing from other countries or agencies to support this impending obligation, with the expectation that the oil revenues will cushion such expenses.

“Guyana would be best advised to wait for the revenues to start to flow because there is another country Ghana where they started to make plans based on assumptions of a certain oil production level or price then the oil production level didn’t happen and the price fell so the expectations was not realized and the country has paid a price for that,” Ramnarine said.

Speaking about the Trinidadian experience, the former minister said the Government had a unique opportunity to get it right from the start.

In the case of Guyana however, he believes there are three things the country must do before 2020 and even beyond.

 

Firstly, get the country’s legislative and policy framework in order and secondly invest in skills development.

 

 

The third thing he said will be to start looking at long term investments in the physical infrastructure of the country.

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