Gov’t aims to develop oil and gas sector with support from India – VP Jagdeo

Oil companies to share in environmental and fiscal responsibilities

The PPP/C Administration is looking to develop its burgeoning oil and gas sector in a structured way, where oil companies bear their share of responsibilities from both an environmental and fiscal perspective, says Vice President, Dr Bharrat Jagdeo.

The vice president, during his official visit to India recently spoke with WION, an English news channel headquartered in New Delhi said, “That is why India’s assistance and its great technical skills…you have a lot of smart people here who can help us to work in defining the growth of the industry.”

Vice President, Dr Bharrat Jagdeo during a recent meeting with senior Indian government officials

He noted that Guyana will also be seeking India’s expertise as it moves to develop its gas policy, in the area of environmental management and overall capacity building.

“So, we are looking forward with great excitement to the development of a strong relationship with India on energy-related matters,” Dr Jagdeo added.

Guyana’s first commercial oil production began in December 2019 from the Liza Phase 1 project, operated by ExxonMobil. Since then, several other projects have been announced, placing the country in the position of one of the world’s top oil-producing nations.

Government continues to restate its commitment to prudent management and exploitation of its natural resources as it advances the development of its oil, gas and other industries.

The vice president has met with several key Indian officials including Minister of External Affairs of India, Dr Subrahmanyam Jaishankar, as well as the country’s Vice President, Jagdeep Dhankhar.

It was agreed that the two nations will continue to work on strengthening bilateral partnerships in various sectors including petroleum and natural gas, agriculture, agro-processing, education, healthcare, capacity building, ICT, renewable energy and climate change.