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