Finance Minister Winston Jordan Wednesday morning described an international report on Guyana’s preparedness for the oil and gas sector as “nothing dramatic, nothing new”.
Bloomberg, a reputable media company headquartered in New York, published on August 14, an article under the headline “The World’s Newest Petrostate Isn’t Ready for a Tsunami of Cash”.
In the story, the country’s political leaders were exposed for not having a proper plan for 2020 – when US-oil giant ExxonMobil is slated to begin production.
“Five years after Exxon’s discovery, the country still hasn’t finished crafting relevant new laws or even established a regulatory body to oversee exploration and production,” the article stated.
“Last year the government set up a sovereign wealth fund to soak up as much as $5 billion in oil revenue per year by 2025, but there are no plans for how to spend it,” the article added.
When asked about the report during a press conference today, Minister Jordan admitted that the article is correct.
“I don’t know whether people think that Guyana, with its capacity problems and manpower problems and so forth, can overnight be in a position to take on a giant like Exxon in time for first oil,” the Finance Minister stated.
“We will get there but we will not get there at first oil but we will eventually get there,” he expressed.