The Memorandum of Understanding (MoU) on Energy which was signed between Guyana and Trinidad and Tobago earlier today will pave the way for cooperation on local content development and the drafting of policies on how Guyana can best regulate its petroleum sector.
The document which was released moments ago says that Trinidad will assist Guyana in capacity building for technical personnel and the development of energy technologies through technical visits, secondments, seminars and presentations.
The Twin Island Republic will also share the experiences of its petroleum enterprises for the development of joint projects here. It will also help Guyana develop policies, plans and protocols to prevent and respond to operational accidents which may result in damage, environmental impacts and personal injury.
The MoU states that there will be an Executing Committee to ensure the areas identified for cooperation are realized. Both parties are expected to designate the Ministers responsible for energy to lead the committee which will establish a Joint Working Group. This body will comprise of the most, 10 persons.
The Joint Working Group is expected to identify and evaluate the feasibility of the projects and activities in pursuance of the objective of the MoU, and will advise on the potential areas of cooperation between Guyana and Trinidad and Tobago.
As it relates to expenses, each party will bear the individual costs for activities carried out under the MoU. The document also notes that all information provided directly or indirectly by the other party shall be treated as confidential information.
The MoU will last for five years. It will be automatically renewed for other period of five years, unless the signatories mutually agree otherwise.