The People’s National Congress Reform (PNCR) and broadly, the A Partnership for National Unity (APNU) coalition have outlined their policies and strategies for managing Guyana’s oil and gas sector if elected into office. The plans detailed in a public missive today, emphasise governance, economic sustainability, transparency, and environmental protection, with a focus on maximising benefits for the people of Guyana while ensuring responsible stewardship of the country’s natural resources.
Key to their approach is the establishment of a specialised Advisory Team (AT) within 90 days of taking office. This team, composed of experts in business, law, economics, geology, and renewable energy, will oversee the planning, development, and administration of the oil and gas sector. They will provide counsel on every stage, from exploration to refining, ensuring that all activities align with national interests.
The APNU/PNCR intends to revisit the Petroleum Commission Legislation to establish an independent body to manage the sector, from the issuance of licences to the monitoring of gas utilisation. An Inspector General’s Office will also be instituted, providing an independent oversight mechanism to combat corruption, with the public empowered to report suspicious activities through a 24/7 hotline.
In line with their environmental commitments, the party pledges to reinstate full liability coverage for oil spills and impose stringent measures to minimize harmful practices such as gas flaring. The World Bank’s plans for an Oil and Gas Unit at the Environmental Protection Agency (EPA) will be implemented, bolstering oversight through skilled professionals.
The APNU/PNCR further commits to conducting a thorough review of the Stabroek Block Production Sharing Agreement (PSA) and other contractual arrangements to ensure that Guyana secures maximum benefits from its resources. This will include considerations for ring-fencing projects, revising the oil tax regime, and ensuring transparency in reporting and monitoring.
Economic sustainability is a central pillar of their policy. The party plans to prioritise the investment of oil revenues into education, aiming to build capacity in local regions and avoid the pitfalls of the “oil curse.” A national skills audit will also be conducted to identify areas where workforce development is needed, with training facilitated by a consortium of local institutions, including the University of Guyana.
To engage the Guyanese diaspora, the party intends to create a directory of oil and gas professionals and businesses, allowing for organised utilisation of their skills in the development of the sector. Additionally, feasibility studies will be conducted to explore the creation of a National Oil Company (NOC) and local refinery.
In addressing environmental concerns, the party aims to complete a “Cradle to Grave” management plan for hazardous and non-hazardous waste generated by the industry. They also plan to review and amend the EPA Act, which was enacted prior to the discovery of oil in Guyana, to ensure it addresses the unique challenges posed by the sector.
Transparency and accountability are emphasised throughout the party’s policies. They propose regular publication of information on contracts, agreements, production data, and other relevant details to keep the public informed. Additionally, they plan to restructure the Natural Resource Fund (NRF) to ensure its independence and prudent management.
By instituting a robust local content policy, the APNU/PNCR seeks to ensure that local businesses and workers benefit from the oil and gas sector, stimulating the economy and building international competitiveness. The party also views the sector as a key element in crafting a foreign policy that supports Guyana’s economic and territorial security.
The APNU/PNCR has since also pledged to manage the oil and gas sector in a manner that is transparent, responsible, and geared towards the long-term benefit of the nation.
