The Guyana Government disclosed on Friday that it is examining options for the establishment of a National Oil Company here, even as efforts continue to ensure that oil production commences as planned in 2020.
Even as Natural Resources Minister Raphael Trotman prepares to hand responsibility for the sector over to the Ministry of the Presidency, he believes setting up a National Oil Company will be good for Guyana.
Trotman made the disclosure while making a presentation to the Parliamentary Sectoral Committee on Natural Resources.
He said the government has received advice on this prospect with some of the advice indicating that the project should be pursued while on the other hand, the government has received advice in the negative.
Notwithstanding this, Trotman said, “I believe we will have a national oil company.”
He said there are different models for structuring such a company but referred all further questions on the possibility to the President.
A new Department of Energy has been created within the Ministry of the Presidency under which the oil and gas sector will fall.
Mr. Trotman also told the Committee that the government has not closed the door on how it intends to refine its oil.
He said Trinidad has formally requested that Guyana refine its oil there.
Mr. Trotman said Guyana is inclined to refine its oil right here in the Caribbean in the spirit of regionalism, noting that whatever the government does, the oil will be developed strategically.