Amendment of Petroleum law, oil & gas auditing among long term collaboration with Ghana

Guyana will continue to utilise Ghana’s experience and expertise as the country seeks to amend its 1986 Petroleum Act, inspect and investigate the finances of the oil sector and sell new oil blocks.

The long term partnership Guyana intends to establish with the West African oil-producing nation was highlighted by Vice- President Dr. Bharrat Jagdeo during a press conference on Monday.

Earlier in the press conference, the Vice-President related that a team from Ghana, including the country’s Deputy Minister of Energy Andrew Mercer, arrived in Guyana on Monday night while other officials will come later in the week. These Ghanian officials are expected to help support the creation of Guyana Local Content policy and the revision of the Sovereign Wealth Fund that deals with the management of oil revenues.

Dr. Jagdeo, however, noted that the engagements with the team are part of longer-term planned engagements with Ghana that would see the local sector benefit from Ghana’s experience and expertise in revising laws and establishing a new commission that is expected to manage the sector, insulating it from political interference.

“Their experience with auctions (and) audits, all of these things are on the table,” Dr. Jagdeo said too.

Meanwhile, the Vice- President noted that it is not only a government-to-government level of engagement but that the country’s private sector is expected to partner with local companies.

In fact, he said that a delegation of about 30 private sector players should arrive in Guyana soon.  Only last Friday, during a press conference, President Dr. Irfaan Ali said that Guyana will receive extensive assistance from experts in Ghana to bolster the management of its oil and gas sector. It follows a recent visit by Vice-President Jagdeo to the oil-producing West African nation.

Dr. Ali also announced that Ghana’s President Nana Akufo-Addo will participate in the major oil and gas conference billed for early next year.

Additionally, the country’s Vice-President is also expected to visit Guyana in the coming weeks along with a team of private sector personnel.