Guyana addressing legislation for oil and gas sectors

The government of Guyana is on the right path as it moves to address legislative, economic and fiscal issues within the imminent oil and gas sectors. This is the opinion expressed by a two-man team of Commonwealth advisors, which concluded its second one-week consultation visit to Guyana.
Economic advisor Dr Epken J Omonbude and legal advisor Dr Ibibia Worika, both of the Special Advisory Services Division, Commonwealth Secretariat, said they were both impressed with the measures and policies that have been put in place by the Natural Resources and the Environment Ministry to address the current and future needs of the sectors.
Speaking as guests on the National Communications Network’s Round Table Programme, Dr Omonbude said that they initially visited a year ago to advise government on several legislative and regulative issues in the oil and gas sector. He noted that while a national energy policy was in place, an “upstream” policy was needed. A strategy document to address this shortcoming was crafted and is now in place.
The economic advisor noted however, that the Natural Resources and the Environment Ministry must continue to build on its current policies and the Commonwealth will play a key role in this process.
Stakeholder involvement
Dr Worika said that a key component is stakeholder involvement, and “This is necessary as it will avoid bottlenecks in the future, unless all are on onboard from the beginning”. This is essential to help government craft its policies as it seeks to expand a sector that will be of immense importance, he noted.
The ministry must be lauded for driving the process forward and for being proactive, Dr Worika said. Pressed about the proposed timeframe for their consultation, the legal advisor said that their scope of work will last about two years, given their deliverables.
“Amendments of law take time, not so much because of what we do, but perhaps internally, with going through Parliament and all of that,” he stated.
The team of advisors recently completed similar programmes in Pakistan and Uganda.
The economic and legal section of the Commonwealth Secretariat provides technical assistance that focuses on reform of regulatory environments in member states to encourage more investment, private sector development and export growth, with emphasis on trade, and the financial and natural resources sectors such as maritime, mining and petroleum, along with the development of capital markets.
The Commonwealth Secretariat is assisting the government of Guyana through the Natural Resources Ministry on technical, legal, economic and fiscal issues for potential oil and gas sectors. This support is vital as Guyana moves to strengthen its strategic, legislative, regulatory and institutional arrangements for oil and gas sector development and governance. It will be a long, but thorough and transparent process, which will demonstrate international best practices.