Govt to release all petroleum contracts
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DPI, GUYANA, Thursday, January 25, 2018
Minister of Natural Resources, Raphael Trotman has said the government will release contracts with petroleum companies as part of its commitment to accountability and transparency in the oil and gas industry.
Minster of Natural Resources Raphael Trotman.
“We remain committed to releasing all contracts in the natural resources sector. I can say as well, letters have gone out to the petroleum companies…the responses received so far have been that there is no objection to the release,” Minister Trotman told media operatives at a press conference today in the Ministry’s boardroom.
Minister Trotman said his Ministry will begin publishing the contracts, which will be posted on their website, by the end of the month. The decision follows a national interest in the new sector. Last year, the government released the Production Sharing Agreement between itself and ExxonMobil.
Meanwhile, the Natural Resources Minister dismissed recent criticism, published in the local media, of the Exxon contract. He noted that concessions in the Production Sharing Agreement (PSA) follow industry best practices and norms.
“I challenge anyone to check any part of the world where there are contracts of this nature… countries invariably offer concessions to companies to come to their countries, it is done for bauxite it is done for gold.”
The Minister noted that there are various risks involved when a company invests in a country that is new to a resource, in this case, Guyana, and its oil. “You give concessions for imports…it was done for all of the other oil companies. It is part of the Petroleum Exploration and Production Act, section 51 allows for these favours,” he explained.
The government is in the process of creating legislation and policies to govern the oil and gas industry before oil production in 2020.
By: Tiffny Rhodius
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