Natural Resources Ministry defends track record in oil sector

Before the APNU+AFC Opposition ventures to heap coals on the continuous improvements the government is making in the petroleum sector, it must first answer for its record. It is tone-deaf for the Opposition to say that the government is not administering the Stabroek Block contract as it should. It demonstrates a fundamental misunderstanding of the issue. Effective contract administration involves rigorous monitoring and oversight of offshore operations to ensure compliance with the agreement’s terms, and utilization of the terms to secure benefits for the people of Guyana.

In fact, the APNU+AFC administration faced years of public outcry to institute a Local Content Act and audit ExxonMobil’s costs. These are arguably two of the most critical contract administration needs, but they were ignored. Today, Guyana’s petroleum sector is governed by a modern legal framework, improved contracts, and environmental stringency.

The PPP/C administration has made substantial progress in rectifying the governance deficiencies inherited from the APNU+AFC era. These efforts have not only stabilized the sector but also positioned it for more sustainable and inclusive growth. The PPP/C government has continued to provide ongoing vigilance, adaptation, and community engagement which are crucial to ensure that the petroleum sector serves as a catalyst for broad-based economic development in Guyana.