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Petroleum Council to slow down oil and gas sector development – Petroleum Minister
Minister Vickram Bharrat (centre) speaks at a press conference. Also present were Ministry of Natural Resources Permanent Secretary Joslyn McKenzie (right) and Guyana Geology and Mines Commissioner Newell Dennison (left)
Kaieteur News – The Guyana government said on Wednesday that, among other things, the establishment of a petroleum commission in the country now would slow down the development of the oil and gas industry.
This was the view expressed by Natural Resources Minister Vikram Bharat during a semi-annual press conference held at the Guyana Forestry Commission’s Kingston Georgetown office. Bharat told reporters during a nearly four-hour press conference that while “setting up a petroleum commission” sounds good, the pros and cons must be considered.
He was answering Kaieteur News “The Petroleum Board will basically do what we are doing in the Petroleum Division of the Ministry of Natural Resources. I don’t think we will do anything different than we are doing now,” he explained.
In fact, the minister believes that the committee may even slow down the rapid development of the industry. “Given that we have limited time and the window is about to end, such a committee may be slower than the decision-makers in terms of how we can move the industry forward, so we have to weigh the pros and cons of everything,” he noted.
However, Bharrat went on to question the role of the Petroleum Commission, highlighting the “efficient” role played by the Ministry’s Petroleum Department over the past few years. “Haven’t we managed the industry very well over the past few years? Putting in place the framework, putting in place the legislative framework, putting in place the new Petroleum Activities Act and the Local Content Act, putting in place new production sharing contracts, improving production licenses and environmental licenses, and putting in place all the monitoring capabilities,” the minister explained. “I don’t think what the Commission is doing is different from what the Ministry of Natural Resources’ Petroleum Department is doing.”
While the government may not be looking to form a petroleum commission at this time, Bharat said the body is likely to materialize in the future. As such, he made it clear that people employed by the ministry’s petroleum division will be appointed to the commission. “These gentlemen and ladies that you see here running the division will be on the petroleum commission because we can’t just throw them away and bring in a new group of people and tell you we’re going to form a commission out of these people,” Bharat noted. Those who are hired, he said, are already experienced and qualified.
To that end, Barratt believes the petroleum commission is not a “silver bullet.” He said: “What is new? What is changing in the industry that is not happening now? We are completely transparent and there is accountability. We have a good way to share information with the media and everyone, just like we are doing here now. At a time when we need to make firm, quick and decisive decisions about moving the industry forward, I don’t think there is a major difference between the commission and the petroleum department of the Ministry of Natural Resources.”
The Petroleum Commission should be composed of experts to help regulate, manage and coordinate all petroleum-related activities for the benefit of the country’s citizens. Ideally, skilled professionals from a wide range of fields such as science and business should be hired to ensure that the country’s welfare is protected at all costs. Recognizing the importance of such a body, the BJP promised in its 2020 election manifesto to “establish a regulatory framework that is independent of politicians.”
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