Recently formed political party, Change Guyana’s Presidential Candidate, Robert Badal, is of the view that every Guyanese citizen should be assigned shares in a state-owned National Oil Company (NOC).
Change Guyana’s Presidential Candidate, Robert Badal
During a press conference yesterday, Badal in outlining his plans for Guyana’s oil sector, extensively criticized the APNU/AFC government’s management of the oil and gas industry, particularly commenting on the “lopsided contract negotiations.”
Badal pointed out that the party intends to manage the oil sector well if it is elected to Government on March 2, 2020. In his plans, he highlighted that all unassigned oil blocks would be under the authority of a National Oil Company. Further, the said blocks would be auctioned to the highest bidder, garnering attractive signing bonuses.
According to Badal, the process of assigning shares will ensure that revenue emanating from the oil and gas sector benefits all Guyanese. He highlighted that the said shares will then appreciate in value due to the auctioning of state-owned oil blocks and the signing of any subsequent agreements.
The Presidential Candidate asserted that contracts governing these blocks will be royalty-based, with the investors subjected to taxes just like local companies.
Thus far, even with oil production underway, the government is still to say what will be the way forward for Guyana with regard to having an oil refinery and a National Oil Company.
Meanwhile, Prime Ministerial Candidate of the party, Nigel Hinds when questioned on whether the party is open to making all contracts within the oil sector public, pointed out that the group fully supports the full disclosure of all prior and subsequent contracts within the petroleum industry. Earlier, Activist Ramon Gaskin had said that no contract, arrangement or deed should be confidential.
Other plans outlined for the use of Guyana’s oil and gas revenue include the reduction in income taxes, improvements in the health care and education sector, infrastructural works including a bridge across the Demerara River, among others.