Explaining that the country’s booming Oil and Gas sector remains a catalyst for growth and development, Minister of Natural Resources, Vickram Bharrat told the National Budget Debates that the industry is being prudently managed, with a high level of transparency and accountability.

But APNU Member of Parliament, Sharma Solomon lambasted the Natural Resources Ministry over the management of the Gold, Bauxite and Forestry Industries, contending that there is weak oversight.

On Tuesday, Minister Bharrat told the House that the management of Guyana’s Oil and Gas Sector stands out globally.

“Guyana’s Oil and Gas Sector is regarded as one of the best managed oil and gas sectors in the world among new oil producing countries, and that is a fact. Every single new oil producing country is looking at Guyana as an example and they are drafting their framework to manage the Oil and Gas Sector,” the Natural Resources Minister said.

He said presently, Guyana is assisting a number of countries with the drafting of their Local Content Legislation.

The Minister said one year after assuming office in 2020, the current Government successfully passed the Natural Resource Fund Bill. He noted that while some countries take as long as 20 years to put a Sovereign Wealth Fund in place, the Irfaan Ali Administration ensured that within one year, there was proper legislation to provide the necessary oversight of the revenues coming in. 

“We placed accountability on the front burner. Mr. Speaker, now there is a prescribed formula, a prescribe formula that every budget we can announce what is in the Natural Resources Fund, how much will flow into the budget, how much will remain at the end of December 2026,” Minister Bharrat said.

Turning his attention to the Mining Sector, Minister Bharrat told the House that the Government has revived the Gold Industry, while the Bauxite Industry is attracting massive investments, creating much needed jobs, particularly in Region 10.

“We always look out for our people, that is why we kept the bauxite mine in Linden going, that is why we kept it open do that it can create economic opportunities in the mining town of Linden and create jobs for the people there, and your government chased away RUSAL. Five hundred persons, unfortunately 500 persons, this is mostly from the Berbice River, Kwakwani, Ituni and New Amsterdam lost their jobs because of your poor actions. And today Mr Speaker, we have entered into an agreement with the company to come back into the Berbice River, and restart that operation,” he said.

But in challenging the management of the Natural Resources sector, APNU MP Sharma Solomon, told the House that while the Government boasts of the non-oil extractive sector, which grew by 17%, the regions which carry the weight of the non-oil extractive sector, remain economically and socially underdeveloped.

He said gold remains one of Guyana’s largest non-oil revenue earners, yet oversight of the sector has weakened.

“Past governments supported small miners through gold barter arrangements, keeping wealth circulating in communities. This government dismantled that system, leaving miners exposed while revenues leak through inefficiency and evasion,” MP Solomon said.

He said in the Forestry Sector, timber continues to leave hinterland regions daily but the roads that serve the extraction and the residents of those communities remain poor.

Moving closer to home, MP Solomon roasted the Government over the Bauxite Industry. He said while the Government boasts of the return of the Russian company, RUSAL, the company appears to be returning without proper consultation with the people of Region 10, clear environmental safeguards or transparent revenue-sharing arrangements.

He said jobs alone are not development, and noted that the people of the region have lived this history before, and they will not blindly repeat it.

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