Political leaders have progressive attitude to handle oil wealth – expert

The Center for Local Business Development on Thursday began their first informative oil sector teaching series for Guyanese titled “Join the Conversation.”

The day’s featured speaker was world-renowned oil markets expert Robert McNally. He commended Guyana’s leading political parties for their approach to developing the local oil and gas sector.

During a press conference held at the Center’s headquarters located on the top floor of the IPED building on South Road, Georgetown McNally briefed the media on factors that can heavily influence the success of Guyana’s oil and gas sector.

McNally is the author of the award-winning book Crude Volatility among others and has 29 years of experience as a Global Oil and Gas analyst, two of which were spent working in the White House with former US president George W. Bush.

During his media brief, the expert stated that while there are many reasons for people to be concerned about the future of Guyana’s oil sector, he is optimistic that it will succeed.

“As I’ve learnt more about Guyana, I actually think that there are reasons to be cautiously optimistic.

“There are a lot of International organisations and a lot of folks around the world who have seen the failure of some Petro states and don’t want to see Guyana repeat that and are helping Guyana, The expert further stated.

“I know that you’re in the midst of an election season and so forth but both leading parties…seem to have a generally similar attitude, a productive and progressive attitude to handling oil wealth,” McNally expressed.

He went on to give his opinion of factors that will heavily influence Guyana’s future with an oil and gas economy.

“In my view what will determine the amount of revenue that Guyana sees from these astounding finds will be driven much more by the crazy global oil market than anything else, oil prices are prone to wild swings and we’ve known that since the beginning of the modern oil market in 1859.”

The Organization of Petroleum Exporting Countries, OPEC Plus, will meet in March this year in Vienna, Austria to make decisions on what can promote global oil price stability.

The expert said that the positive outcome of that meeting is critical to Guyana maintaining its long-term projections for incoming oil and gas revenue.