U.S government ready to assist Guyana in developing local oil industry
Ambassador Perry Holloway, one week after his accreditation by President David Granger, told New Source that the U.S stands ready to help Guyana in any area that it may request assistance, once it is within the U.S government’s means and resources.
The United States government’s willingness to help Guyana with the development of its promising oil and gas industry has been reiterated with the appointment of a new Ambassador to Guyana.
Ambassador Perry Holloway, one week after his accreditation by President David Granger, told New Source that the U.S stands ready to help Guyana in any area that it may request assistance, once it is within the U.S government’s means and resources.
Holloway is hopeful that the emergence of an oil and gas industry in Guyana will change the country’s economy for the better but cautioned that “there are always two sides to every coin” as he urged the need for consideration to be given to its sustainable management.
“So far, we have received request for help in the area of transparency and managing oil contracts and agreements and with the setting up of government entities that will manage the programmes,” Holloway said.
He explained that the U.S is also working to have Guyana involved in several international initiatives and groups, including the Extractive Industries Transparency Initiative (EITI).
EITI is a global standard to promote open and accountable management of natural resources. It seeks to strengthen government and company systems, inform public debate, and enhance trust.
Acknowledging the presence of US oil giant Exxon Mobil, which is currently carrying out exploration work offshore Guyana, Mr. Holloway said the U.S also welcomes the Guyana government’s engagement with other companies from across the world.
“We welcome that as a country of free market,” the Ambassador added as he restated the U.S encouragement of competition of this sort.
He said the U.S will work with the international community to ensure that efforts are not duplicated.
“For example, Canada is already helping with the sovereign wealth fund, so we wouldn’t get involved in that.”
Ambassador Holloway acknowledged that it would be a number of years before “oil starts coming out of the ground” and Guyana starts benefiting from its proceeds but he noted the importance of doing the right things now.
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