GEORGETOWN: The Ministry of Natural Resources last week successfully completed another of its planned interventions for Guyanese stakeholders on the pathway to oil and gas production come 2020.
Coordinated by the Ministry, the workshop took place at Cara Lodge Hotel on November 17 and 18, 2016 and was facilitated by the New Petroleum Producers’ Group along with Chatham House, the Commonwealth Secretariat and the Natural Resources Governance Institute.
This collaborative project’s aim was to build capacity of emerging oil and gas producers with a view to establishing context-appropriate rules for institutions for good governance.
The first day of the session which was aimed at industry stakeholders and Government officers gave a crash course in oil and gas before delving into the complexities of the subject with regards to Governance.
The presenters put Guyana’s discovery in a global context against the state of the exploration and production industry along with the key issues facing global oil and gas companies. The sessions also dealt with lessons learnt from around the world.
The presenters – all experts in their field – painted a vivid picture of the scenarios Guyana is likely to encounter should the country prepare – or not prepare – for the advent of oil and gas. Personnel from the oil exploration companies in Guyana – ExxonMobil, Tullow, Repsol and Eco Oil and Gas – took part in the sessions and gave expert feedback.
On the second day, the sessions aimed at persons in the legal and accounting professions and saw the participation of a number of lawyers and accountants.
Among the topics discussed were:
The principles and practice of petroleum fiscal design
Good Governance in the petroleum sector
The legal framework for the oil and gas sector
Finance in the oil and gas sector
Contract negotiation
Financial risk management and internal controls
During both days, there was strong participation from those in attendance as they gave their thoughts on what was needed to ensure that Guyana’s oil and gas sector was well governed. Where necessary, participants sought and received clarification on the various issues pertaining to Governance in the sector and the legal and Government framework that was necessary for the sector. With the seminar convened under “Chatham House Rules”, participants were able to speak freely without fear of attribution.
Among the agencies represented were the Commonwealth Secretariat, Chatham House, the Kenyan Revenue Authority, Staatsolie Suriname, Swale House Partners, Tony Blair Associates, an independent adviser from Liberia, Government officials from Uganda, the Mining Policy Group, the University of the West Indies and Petrotrin.
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