Guyana Lauds Ghana’s Management of Oil and Gas Resources

Vickram Barrat, the Minister of Natural Resources of Guyana has applauded Ghana’s successful ways of managing its oil and gas resources since the country commenced commercial production over 10 years ago.

Vickram was full of praise for Ghana for being a model country when it comes to proper management of its natural resources.

Speaking to Emmanuel Aboagye-Wiafe on Energy 101, Vickram said Guyana is impressed with how Ghana has monetised its gas resources for the benefit of the power sector.

He said: “We do recognise Ghana as one of the countries in Africa that have been managing the oil and gas sector in quite an efficient and effective manner in which benefits its people. So, we see Ghana as a model country in terms of managing the sector. It is pretty much new still to Guyana because you (Ghana) have about eight years of experience ahead of us (Guyana) but it is amazing the way in which Ghana built their framework and architecture to manage the sector.” 

“Not only the oil resources but I’m particularly impressed in the way in which Ghana has monetized their gas reserves to produce about 3000 megawatts of power,” he stated.

Vickram is hopeful Ghana and Guyana can jointly exploit their natural resources while also contributing significantly towards cutting carbon emissions that threaten the environment

“There will be some demand for fossil and we [Guyana and Ghana] are saying that we should be allowed to be those producers. Because we are new in oil and gas production and we need the resources to develop our factories as against countries that have been in production for decades.”

“So, that’s an area that we see collaboration, we see Ghana and Guyana partnering and lobbying to ensure that developing countries like us are kept within the loop of oil producers in the years to come. Also, on carbon emission and climate change aspect, I see a partnership there too,” he added.

Last year, the governments of Ghana and Guyana signed a Framework Agreement on Cooperation designed to actualize the growing strategic partnership between the two countries.

A number of Memoranda of Understanding (MoU) in the petroleum and investment promotion sectors were also signed on Tuesday (7 December 2021) in Georgetown, Guyana, at the end of a three-day official visit by Vice-President Dr Mahamudu Bawumia.