VISIT BY TEAM FROM THE US DEPARTMENT OF STATE’S ENERGY GOVERNANCE AND CAPACITY INITIATIVE TO THE HONOURABLE ATTORNEY GENERAL AND MINISTER OF LEGAL AFFAIRS TO REPORT ON ITS DELIVERABLES UNDER ITS WORK PLAN.
The Honourable Attorney General and Minister of Legal Affairs Mr. Basil Williams S.C M.P. on Wednesday April 5, 2017 at 1:00 pm met with the team from the US Department of State’s Energy Governance and Capacity Initiative (EGCI).
The team explained that they are committed to building infrastructural and institutional databases as well as to providing technical assistance to countries that are in the early stages of developing an oil and gas industry. The team has committed to assisting in the oil and gas initiative as well as making observations on existing practices. The team hopes to subsequently make recommendations based on their observations to further achieve this goal.
The team has agreed with the Attorney General that an excellent regulatory framework is needed for the petroleum industry. This should be complemented by specialists in every field including specialist accountants. The E-governance Bill will bear directly on the petroleum industry.
The Attorney General mentioned that the Government of Guyana is committed to developing the oil and gas industry by utilising highly trained specialists and experts. The Attorney General alluded to the recent appointment of Dr. Jan Mangal as the Adviser on Petroleum to the President.
The Attorney General also mentioned that the Guyana Government intends to establish a sovereign wealth fund to enable the country to obtain long-term investment and financial benefits from it oil and mineral resources. The fund will significantly benefit the country’s economy and citizens.
The team will be in the country from April 5-12, 2017 to report to the Government of Guyana on its deliverables under its work plan, among other things.