President David Granger on Friday said “Guyanese can be assured that the Coalition Government will not be intoxicated by oil. It will manage this new resource in a responsible manner for the benefit of present and future generations.”
The president, who was at the time addressing the 20th Biennial Congress of the Peoples’ National Congress/ Reform (PNC/R), said with Guyana on the verge of becoming an oil-producing state, his government is laying the necessary groundwork for the petroleum sector to be managed in accordance with international best practices.
The president believes that the resource will be developed for the benefit of all Guyanese once managed under an inclusionary system, as is the plan.
The Head of State said the Department of Energy within the Ministry of the Presidency, established on August 1, will ensure that a “sound organisational, operational, legislative and regulatory framework” is implemented to manage the sector.
The Department is currently recruiting international and national experts to assist in this task, he informed.
The Government’s ‘Green’ paper laid on August 8 in the National Assembly will see the establishment of a Natural Resource Fund which, President Granger noted, will ensure revenues accrued from oil and gas are used prudently. (Department of Public Information)
