Look seven generations ahead and work to­wards en­ergy se­cu­rity...

Stabroek News - - RE­GIONAL NEWS -

In a brief back­ground, she said, the first suc­cess­ful oil well was drilled in 1865 af­ter failed at­tempts. As a re­sult, she noted that the ob­jec­tive was to never stop ex­plor­ing, re­search­ing and in­cen­tivis­ing for fur­ther ex­plo­ration.

“You think seven generations ahead. Even as th­ese wells are com­ing in suc­cess­fully and you will start mon­etis­ing by 2020, do not stop the ex­plo­ration. Take back some of the money you make and rein­vest into ex­plo­ration and pro­duc­tion.”

“As a young de­vel­op­ing na­tion,” Per­sad-Bisses­sar added, T&T had its chal­lenges in un­der­stand­ing and man­ag­ing the oil re­sources, harnessing and reg­u­lat­ing it and in max­imis­ing op­por­tu­ni­ties from the rev­enues gar­nered from the sale and pro­cess­ing of crude oil.

A year af­ter T&T gained in­de­pen­dence in 1962, she said, the govern­ment set up a com­mis­sion of in­quiry to “take a new look” specif­i­cally into the oil in­dus­try.

The com­mis­sion’s terms of ref­er­ence were to ex­am­ine the sit­u­a­tion in 1963 and fu­ture prospects in the con­text of the economics of the world oil in­dus­try, to rec­om­mend a le­gal frame­work for the oil in­dus­try in T&T which would stim­u­late the op­er­a­tions of for­eign in­vestors while safe­guard­ing the in­ter­ests of the na­tion, and to make rec­om­men­da­tions de­signed to en­sure the great­est pos­si­ble sta­bil­ity com­pat­i­ble with growth in the in­dus­try, in­clud­ing the level of em­ploy­ment. “Guyana would do well in my … view to con­sider th­ese very said terms of ref­er­ence for Guyana’s own home­grown rec­om­men­da­tions and reme­dies,” she said.

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