The Inter-American Development Bank (IDB) has approved US$606,062 to support the Government’s efforts to build capacity to effectively manage the emerging oil and gas sector.
According to the project details, the funding will go towards strengthening the technical functions of the Department of Energy.
It will allow for immediate sIDB approves US$ 606,062 to help Energy Dept. strengthen technical functions
The Inter-American Development Bank (IDB) has approved US$606,062 to support the Government’s efforts to build capacity to effectively manage the emerging oil and gas sector.
According to the project details, the funding will go towards strengthening the technical functions of the Department of Energy.
It will allow for immediate support to operationalize protocols for management and compliance monitoring of the Stabroek Block Production Sharing Agreement (PSA). It is expected to pave the way for improvements in general monitoring and enforcement standards during administration procedures, production control and verification processes, reserve certification guidelines, and record keeping and information management.
It will also allow for general training and support to key agencies within the oil and gas regulatory framework, with specific attention to the use of the contract management systems while providing a platform for the dissemination of best practices for software solutions for compliance monitoring and for operating requisite internal control systems to maintain data integrity and accuracy in the oil and gas sector.
upport to operationalize protocols for management and compliance monitoring of the Stabroek Block Production Sharing Agreement (PSA). It is expected to pave the way for improvements in general monitoring and enforcement standards during administration procedures, production control and verification processes, reserve certification guidelines, and record keeping and information management.
It will also allow for general training and support to key agencies within the oil and gas regulatory framework, with specific attention to the use of the contract management systems while providing a platform for the dissemination of best practices for software solutions for compliance monitoring and for operating requisite internal control systems to maintain data integrity and accuracy in the oil and gas sector.
