Guyana now oil producing state

(Department of Public Information) Guyana is set to become an oil producing nation sooner that was expected.

In an address to the nation (Friday) evening, His Excellency President David Granger announced that oil production is set to begin three months ahead of the originally scheduled date.

The Head of State also declared December 20 as “National Petroleum Day”.

This move, the Head of State noted, will act as a reminder of the duty to protect the country’s patrimony and to ensure the sustainable management of finite hydrocarbon resources.

 “Petroleum production will be a transformative process in the country’s economic development. The petroleum sector will stimulate increased employment and expand services,” he stated

President Granger assured that any withdrawals from the fund will “will follow a balanced approach, prioritising investment in public education, public health, public infrastructure, public security, social protection and other social services and will support private sector development.”

Noting that the “brighter future” for the country’s present and future generations is imminent, President Granger called for collaboration in building a prosperous Guyana.

The Head of State reminded that several steps have been taken to safeguard the national interest.

First, there was the establishment of the Department of Energy, which is headed by Dr. Mark Bynoe, to manage the country’s hydrocarbon resources and build the institutional, legislative and regulatory capacity to manage this sector effectively.

Second, the National Assembly this year passed the Natural Resource Fund Act, which will ensure Guyanese benefit from the oil resource wealth while ensuring these revenues are managed in a transparent and accountable manner.

From May 2015 to September 2019 there have been 16 oil finds in Guyana’s waters. Of these 14 are by oil giant ExxonMobil with two by UK-based oil company Tullow Oil.

Source: CARICOM TODAY