(DPI) The establishment of a Petroleum Commission will see more Guyanese having a prominent place in the Oil and Gas Sector and enjoying the benefits of the oil resources.

This was announced by Hon. Dr. Bharrat Jagdeo, Vice President of the Cooperative Republic of Guyana, on Friday, during his first media engagement at the Arthur Chung Conference Centre (ACCC).

The Vice President stated that agency will be a technical one.

“The Petroleum Commission will be a technical commission because what you need is technical oversight with some of the best brains, and we hope that Guyanese would heavily be involved there with some foreign help until we train our people.”

He further noted that it was the President, His Excellency Dr. Mohamed Irfaan Ali, who insisted that there needs to be a prominent placement of Guyanese, not just in the Oil and Gas Industry, but across every sector.

The establishment of Petroleum Commission was announced last Saturday by the Head of State during his inauguration speech. He noted that the establishment of the commission will “ensure that the oil and gas sector is not subjected to undue political interference”. 

“More importantly, we will ensure that every cent of the revenues from the sector is accounted for, as well as every cent of it that is spent. There must be no doubt in the minds of our people that our country, our nation, our people are the beneficiaries of the oil and gas industry,” the H.E Dr. Ali stated.

The Vice President disclosed that the People’s Progressive Party/Civic (PPP/C) Government plans to establish the commission within the next eight months.

He explained that the day-to-day functions of the petroleum industries will be carried out by the commission rather than having more input from the Ministerial or Presidential level.

“The Office of the President, or the Minister, will give more of a policy input as in they will be required to clear policies or ensure that they remain faithful to the policy directions,” Dr. Jagdeo clarified.  

The resources from the Petroleum Industry will see the new PPP/C Government addressing issues, such as poverty, and achieving sustainable development targets.