In an effort to reduce the potential of value leakage, the Department of Energy has hired several technical oil and gas specialists. In this regard, Energy Department Head, Dr. Mark Bynoe recently noted that his office has contracted a Petroleum Development Management Specialist and a Natural Gas Specialist to augment the entity’s technical staff complement.
The Energy Department Head also noted that a Crude Marketing Expert, Commercial Expert, Oil and Gas Expert, and Legal Expert were also added to the team. The Guyana Standard understands that the Department is still in negotiations with a potential Petroleum Accounting Specialist and Contract Administration Specialist. With these skills in place, Dr. Bynoe said that the DE is better positioned to reduce potential value leakage.
Understanding that the absence of robust laws can also contribute to creating loopholes for Guyana to lose money from the sector, Dr. Bynoe said that the Department of Energy has embarked on an exercise that will see the review of all old laws and the drafting of new ones.
To carry out this work, the Department of Energy has chosen International Firm Hunton, Andrews, Kurt LLP. They will work in association with a Guyanese firm, Cameron and Shepherd, to execute the US$1.2M contract.
The contract which is projected to last for one year will also see the international firm providing legal advice to the Department of Energy on all matters related to the oil and gas sector. Dr. Bynoe said that this consultancy is critical in the department’s efforts to set out conditions that will level the proverbial playing field, bring greater clarity and certainty to the sector’s operations, and enhance operational efficiencies in the sector.