Despite only starting oil production four years ago, Guyana’s energy policies have positioned the country’s oil industry as one of the best-managed globally, according to the assessment of Dr. Bharrat Jagdeo, General Secretary of the People’s Progressive Party.
In an interview with NCN reporter, Josiah Williams, Dr. Jagdeo highlighted the international recognition received by Guyana for its management and development of policies in the energy sector.
He referred to assessments from the international community, including reports from the International Monetary Fund (IMF), indicating that Guyana’s oil industry stands out among the world’s most well-managed.
Dr. Jagdeo acknowledged that the government has faced criticisms from both local and international media and critics.
However, he emphasized that, based on evaluations, Guyana’s oil sector remains prudent and well-managed.
Furthermore, Dr. Jagdeo commended the government’s efforts to ensure the inclusion of ordinary Guyanese in the benefits of the oil sector.
He cited the Local Content Act and other frameworks as instruments designed to facilitate local participation in the industry.
The General Secretary highlighted the ownership of warehousing facilities by Guyanese and the significant income generated through rentals.
Additionally, he mentioned the positive impact on various sectors, such as security services, rentals, and remittances, contributing to the economic well-being of Guyanese both at home and abroad.
Dr. Jagdeo concluded by underscoring the unprecedented level of investments, spending, and integration within Guyana’s oil industry, emphasizing its potential for sustained growth and development.