Seventy-five percent of the revenue to be made from Guyana’s oil will be going towards ExxonMobil’s expenses that include billions of dollars worth in contracts. But after four years of promises, a Local Content Policy is not in place to ensure indigenous businesses capture at least 10 percent of that revenue.
Considering this, Attorney-at-Law and Oil Academic, Charles Ramson Jr. asserts that President, David Granger painted a false picture in his remarks that were delivered via a video link at this morning’s opening of the Guyana International Petroleum Exhibition (GIPEX).
At the three day event attended by hundreds of industry leaders and companies from across the world, Granger said, “Guyana is being prudent about managing its incipient petroleum industry. It is seeking the best advice and assistance and adopting the best international industry practices. It will establish a robust institutional legal and regulatory architecture to manage this industry in a manner which will ensure transparency and which will secure the best interests of the country and fair returns for investors and businesses.”
During an exclusive interview, Ramson said that nothing is “prudent” about failing to have a Local Content Policy in place, in the absence of which billions of dollars are going elsewhere.
The young lawyer was also critical of the fact that the President, who is also the Minister of Energy, continues to hum the same tune about the intent to “establish a robust institutional legal and regulatory architecture” when first oil is days away. He stressed that if the President was really “prudent” about oil and gas, at least one piece of legislation would have been updated within his time in office.
Ramson added, “Granger knows that the current framework is inadequate. He had four and a half years to do something about it and did nothing. As the person responsible for the sector, he has barely done anything. So what he calls prudent management is just lazy and absent in my eyes, plain and simple.”
