“We have a draft memorandum of understanding and a very cogent working group made up of critical players within the government. We hope to engage the private sector as well so that they can understand what the opportunities are.”
He emphasised the need for private sector engagement as it is important to create an environment for investments to be made.
Speaking on the National Communication Network’s (NCN) Independence Forum on Monday Dr. Bynoe noted that it is important to explore potential downstream activities, and bring gas to shore was one of those activities.
His revelation comes days after Guyana had its second one-million barrel of crude lifted from the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel onto oil tanker, Sonangol Namibe, a Bahamian flag carrier.
Dr. Bynoe reiterated commitment to ensuring that a “state of the art, contextually relevant industry best practice department” is established to manage the oil and gas sector. According to him.
“We are beginning to build out that structure to allow us to not only have a state of the art department but at the same time to allow us to take advantage of the technological advances, the development and articulation of a robust legislative framework and pursue avenues that will allow for greater cost efficiencies.”
The Energy Department was established in 2018, one year before Guyana commenced oil production. Since then, it has worked assiduously in the best interest of the country’s newest sector.
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