Guyana to Model Ghana’s Oil Sector Management Strategies – Vickram Barrat

Guyana’s Natural Resources minister, Vickram Barrat, said his country will model the exploration of their newly found fossil resource by the oil sector management strategies of Ghana.

According to him, Guyana is taking Ghana as a model because Ghana is managing its oil resources very efficient which is bringing many benefits to its people.

The Minister who said this in an interview on Asaase radio’s Energy 101 programme added that he is particularly impressed with Ghana ability to monetize the gas by products of its oil production which could have otherwise gone to waste.

“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,” quoted Vickram Barrat.

The resources minister said developing countries including Ghana and Guyana should be allowed to explore their oil resources.

He hinted that it will be unfair to hold developing countries who need this fossil resource to develop by the same standard as advanced countries who have been exploring fossil resources for decades.

“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,” he said

“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.