$1.1B for strengthening of administrative and management capacity of Natural Resources

DPI, GUYANA, Friday, December 8, 2017

Budget 2018 has allocated $1,110,030B for the Ministry of Natural Resources to implement policies and projects aimed at improving strategic planning and administration, natural resources management and petroleum management.

Minister of Natural Resources Raphael Trotman said the allocation is critical to developing “clear legislative regimes that enable governance and the development of a sustainable extractive sector”.

In 2017 alone, the Ministry undertook the revision of a number of its Acts and Regulations with the aim of modernising them. One such revision includes the 1986 Petroleum Exploration and Production Acts and Regulations.

The Ministry has also drafted a number of new policies and legislations in 2017 for the governance of the new oil and gas industry. These include the Oil and Gas Policy, Local Content Policy, Petroleum Commission Bill and the Sovereign Wealth Fund Bill.

“Although the Ministry’s work programme for the year 2018 is an ambitious one, rest assured that we are committed to developing the sector responsibly while achieving our targets,” Minister Trotman said.

 

By: Tiffny Rhodius

 

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