Guyana says it is going to establish a Petroleum Directorate in the first half of this year, a reflection of the new importance of hydrocarbons in the South American nation since the 2015 discovery by ExxonMobil of huge potential reserves offshore.
Exxon’s find at the Liza-1 well in the Stabroek block, followed by more at the Payara-1 well, are promising to transform the country’s economy with more than a billion barrels of oil equivalent waiting to be unearthed.
Hence the announcement by the Minister of Natural Resources Raphael Trotman to set up a Petroleum Directorate.
It would follow the example of other oil-producing countries by keeping separate functions for policy development and regulation monitoring.
Around $1m has been budgeted for petroleum management, to be used for renting and equipping a building for the Directorate.
Guyana is planning to be producing oil by the year 2020.