Guyana must be wary of inflated Petroleum Data
As Guyana inches closer to oil production, the systems for accurate reporting on the sector will be essential.
This point was recently made by Advisor to Chatham House on Oil and Gas, Mr. Anthony Paul. The Oil and Gas expert said that Guyana, like other new petroleum producers have done, will need to develop programmes for a robust oil and gas sector. He said that one of these programmes includes creating trusted individuals, agencies and channels for providing up-to-date information to citizens. The Chatham House Advisor was careful to note as well that having policies which may dictate the disclosure of data is not enough. In the case of Ghana and Nigeria for example, there are policies which expressly state that petroleum data should be released. But in several instances, there have been criticisms where the data was said to be inflated. The Chatham House Advisor shared that Brazil has a very comprehensive system of collecting and reporting petroleum data. But its efficient reporting required “trusted individuals, agencies and channels…”
Paul also stated that in the case of Trinidad and Tobago, the nation’s regulations provide for the disclosure of oil information. Those regulations have been in place since 1970. However, TT is now about to put mechanisms in place to get “credible” data. The Chatham advisor noted that this was due to the fact that the regulatory capacity of Trinidad and Tobago was not where it should have been. The Oil and Gas expert also noted that there will be a need for other program to complement the aforementioned. In Guyana’s case, Paul said there would be a need for educating citizens, special interest groups and the media on the workings of the industry; providing platforms for engaging with civil society (two way conversations) and demonstrating that feedback is incorporated into management of the sector. Aware of the potential impacts of the “resource curse,” the Chatham House Advisor said that several international NGOs and multilateral agencies have been engaged in improving governance of natural resources in new oil and gas producing countries.
(Kaieteur News)