APNU+AFC attempting to rewrite history on management of oil and gas sector – GS Jagdeo

The PNCR-led APNU+AFC Coalition has been called out by General Secretary of the People’s Progressive Party (PPP), Bharrat Jagdeo for attempting to rewrite history, particularly with regard to the country’s oil and gas sector.

Speaking at a press conference on Wednesday at Freedom House, Robb Street in Georgetown, Dr Jagdeo criticised the opposition’s ongoing efforts to distort the record, painting the PPP as responsible for past shortcomings in Guyana’s oil agreements.

Dr Jagdeo singled out key opposition figures, including former Natural Resources Minister Raphael Trotman, Alliance For Change (AFC) Leader Nigel Hughes, and former Minister of Public Security, AFC Executive Khemraj Ramjattan, for attempting to shift the blame for the controversial ExxonMobil oil contract, which was signed during the Coalition’s time in office.

“If someone were to come to Guyana today and listen to the nonsense, particularly from the Kaieteur News, you would somehow think that the PPP was responsible for that agreement,” Jagdeo said.

He pointed out that despite Trotman’s involvement in the deal as former Minister, and Hughes’ role as Exxon’s legal advisor, they are now distancing themselves from any accountability.

Dr Jagdeo further emphasised that while the APNU+AFC Coalition is quick to criticise the PPP’s management of the oil and gas sector, they themselves failed to implement even basic measures, like a Local Content law, during their time in office.

“They are now even vilifying the Local Content law, saying it is not adequate, but there was none there during their time and now thousands of Guyanese are benefiting,” he noted.

He highlighted the “truly transformative” changes made by the PPP to enhance the oil and gas sector, which have significantly boosted the local economy and created opportunities for Guyanese.

The PPP general secretary also took issue with what he described as the Opposition’s hypocritical stance on accountability.

“You would think the PNCR/APNU/AFC is the champion for accountability,” he said. “Now if you listen to them today—not knowing the history—you would say these people love accountability and you would never know that these are the same crooks that for three years, when they were in office, did not file a single return to the Integrity Commission,” the PPP General Secretary said.

GS Jagdeo stressed the importance of preserving the historical record and ensuring that the younger generation is aware of the past actions of political leaders.

“Context is vital and history is vital,” he stated.

“Us coming here every week is a plea for people to remember our history.”

As Guyana’s oil industry continues to grow, the battle over the narrative surrounding its management is likely to intensify.

Dr Jagdeo’s remarks underline the PPP’s commitment to defending its record while accusing the opposition of using revisionist tactics to undermine the government’s accomplishments.

PRUDENT MANAGEMENT

The PPP/C government has ensured the operationalisation of the Natural Resources Fund (NRF) to ensure the prudent and transparent utilisation of the oil funds. The fund, unlike under the previous APNU+AFC Coalition government, is now being managed by an independent board.

The Natural Resources Fund Bill, No. 21 of 2021, was passed in the National Assembly on December 29, 2021. Section 5 (1) of the NRF Act provides for a Board of Directors of the Fund comprising not less than three and not more than five members, who shall be appointed by the President, inclusive of a chairperson. According to Section 5 (2), the Directors are selected from persons who have wide experience in legal, financial, business or administrative matters, one of whom shall be nominated by the National Assembly and one of whom shall be a representative of the private sector.

According to the Act, the directors are responsible for the overall management of the fund, reviewing and approving the policies of the fund, monitoring the performance of the fund; ensuring compliance with the approved policies of the fund; exercising general oversight of all aspects of the operations of the fund and ensuring that the fund is managed in compliance with this Act and all other applicable laws.

Also, the PPP/C government amended the Natural Resource Fund (NRF) Act to bring greater transparency and accountability in the management of Guyana’s oil resources, including the requirement of the government to seek annual Parliamentary approval for withdrawals from the NRF as stated in Section 19 of the NRF Act 2021.

The Petroleum Activities Bill and the Production Sharing Agreement (PSA) of 2016 also underwent massive modifications, ensuring greater benefits for the country.

Furthermore, greater local capacity is being developed through the Local Content Act which was approved in in the National Assembly in 2021. This landmark legislation has warranted thousands of Guyanese companies benefitting from millions in procurement opportunities.

Guyana has over 11.6 billion barrels of proven oil reserves and is producing about 350,000 barrels of oil per day. By the end of the decade, Guyana’s oil production capacity is expected to be more than one million barrels per day.