
Opinion
Government should ensure Exxon contract has provisions to allow Guyanese to develop expertise in the oil business
Many new graduates searching for a job lack the experience they need to get their dream job. They have spent years studying and have good grades. However, without the relevant industry experience, many employers are not willing to take the risk on them, especially for highly technical positions. Usually it takes 10 years to develop…
More global lessons on local content policies for Guyana’s coming oil and gas sector
Introduction Today’s column continues the effort to provide for readers’ guidance a response to the burning question: What are the lessons to be learned from oil and gas producing countries that have implemented policies/regimes for local content requirements (LCRs)? As previously indicated, such countries are many, and, unsurprisingly, their experiences are varied. Beyond question, LCRs…
Global lessons on local content requirements for Guyana’s coming oil and gas extraction industry
Introduction Last week’s column had indicated that, starting today, I would seek to draw lessons arising from global experiences with national local content requirement (LCR) regimes, which are aimed at maximizing economic benefits derived from the creation of export-oriented oil and gas extraction industries, based on significant domestic resource finds. I shall further indicate these…
Contextualizing local content requirements for Guyana’s oil & gas industry in Caricom
IntroductionMy aim has been in recent columns to lay out carefully the economic rationale in support of the proposition that, if Guyana’s coming oil and gas extraction industry is to play a transformative role in its economic development, then the dynamic integration of whatever economic benefits are derived from the industry into other economic sectors…
More on the economics of local content requirements for Guyana’s oil & gas extraction industry
Introduction In last week’s discussion of Guyana’s proposed local content requirements (LCRs) policy for its coming oil and gas extraction industry, I had introduced three key concepts, which require further elaboration. Those concepts are 1) the enclave economy; 2) the potential for transmission of economic linkages and spillovers from a successful oil and gas industry…
Local content requirements: On preventing the oil and gas industry from becoming an ‘enclave’
Introduction In my New Year’s Day column this year I had indicated there are three policy priorities which seemingly guide government’s preparations for the development of its impending oil and gas-based extraction sector. If these priorities are interpreted in their broadest sense, they could be expressed as 1) establishing a sovereign wealth fund (SWF) and,…
Constraints on petroleum-based regulatory bodies in Guyana-type economies
Introduction Today’s column concludes discussion on the institutional aspects of Guyana’s preparations for its coming petroleum industry. The discussion focuses on the proposed regulatory commission, as expressed in the government’s Draft Petroleum Commission of Guyana Bill (PCB), presently in circulation among stakeholders. Although the Guyana Geology and Mines Commission (GGMC) is responsible for oversight of…
Drivers of governmental institutions and functions for the coming oil & gas industry
At the conclusion of last week’s column, I had indicated the intention to wrap up in today’s column my discussion concerning the institutional architecture and governance in preparation for Guyana’s coming gas and oil industry. However, the feedback readers have offered since, suggests they are not altogether clear as to why there is a special…
Institutional governance: Preparing for Guyana’s coming oil and gas industry
Introduction Last week’s column advanced the view that Guyana’s membership of the Extractive Industries Transparency Initiative (EITI) is a crucial plank in the institutional governance architecture being designed for managing its impending oil and gas extraction industry. I summed up my evaluation of seeking EITI membership as a necessary, but not sufficient basis for securing…
Guyana’s membership of EITI is necessary but not sufficient
Introduction Today’s article brings to a conclusion the three-part series of columns that have been reviewing Guyana’s proposed membership of the Extractive Industries Transparency Initiative (EITI). Similar to my earlier examination and assessment of government’s proposed establishment of a Sovereign Wealth Fund (SWF), Guyana’s deliberative effort to secure membership of the EITI is undoubtedly a…