NRF Board, Oversight, Investment Committees for oil funds to be sworn in today

…Major (ret’d) Joe Singh, Ramesh Dookhoo among those to take oaths

The members of the Natural Resource Fund (NRF), the Public Accountability and Oversight Committee and Investment Committee, are slated to be sworn in today before President Dr Irfaan Ali, another important step in the Government’s plans to improve oversight and compliance in managing Guyana’s oil revenues.

The swearing in will be done at the Office of the President at Shiv Chanderpaul Drive. At the swearing in, the Chairman and Members of the Natural Resource Fund Board, the Public Accountability and Oversight Committee, and the Chairman and Members of the Investment Committee will take their oaths of office.

Back in April, in keeping with his powers under the Natural Resource Fund (NRF) Act 2021, President Ali had appointed five persons to the NRF Board, including Major General (Retired) Joe Singh, who will chair the Board.
The announcement was made that President Ali had appointed Major General Singh; United Kingdom Member of Parliament (MP) with Guyanese roots, David Lammy and Carolyn Rodrigues-Birkett, who currently serves as Guyana’s Permanent Representative to the United Nations.

Also appointed were the National Assembly nominee, Dunstan Barrow, a former bauxite industry official and former MP for the People’s National Congress Reform (PNCR) and Ramesh Dookhoo, a longstanding executive of the Private Sector Commission (PSC), who was nominated by the body.

When it comes to the Oversight Committee, the Parliamentary Committee of Appointments had approved the Government’s nomination of Clement Sealey, the former Commissioner General of the Guyana Revenue Authority (GRA), to sit on the Public Accountability and Oversight Committee under the NRF Act.
In terms of the Investment Committee, it is supposed to be comprised of seven members who will advise the NRF Board on matters that concern investing the oil funds, in a way that maximises the benefits to Guyana.
Section 3 (1) of the NRF Act 2021, Act No 19 of 2021, which was assented to by President Ali on December 30, 2021, establishes the NRF to manage the natural resource wealth of Guyana for the present and future benefit of the people in an effective and efficient manner and in accordance with the principles of good governance, transparency, accountability, and international best practices, including the Santiago Principles.
Section 5 (1) of the Act provides for a Board of Directors of the Fund comprising not less than three and not more than five members, who shall be appointed by the President, inclusive of a Chairperson.
In accordance with Section 5 (2), these Directors are to be selected from persons who have wide experience in legal, financial, business, or administrative matters, one of whom shall be nominated by the National Assembly and one of whom shall be a representative of the private sector.
During the 46th sitting of the National Assembly on April 13, a motion was unanimously passed approving Barrow, who was nominated by the Standing Committee on Appointments of the National Assembly, as a Director of the Board of Directors of the NRF.
Then, in March, it was revealed that the PSC had named Dookhoo, a longstanding member, as its nominee to the Board. It had been reported in other sections of the media that Dookhoo was selected over the Georgetown Chamber of Commerce and Industry (GCCI) Executive Director Richard Rambarran.
Since Exxon found crude in commercial quantities offshore in 2015, there have been over 30 oil finds to date in the Stabroek Block and an estimated recoverable resource of over 10 billion oil-equivalent barrels.
The company is currently undertaking four production projects – Liza 1, Liza 2, Payara, and Yellowtail in the oil-rich block. Production capacity is currently at 120,000 barrels per day (bpd) with the <<<Liza Destiny>>> Floating Production, Storage and Offloading (FPSO) vessel in operation.
Meanwhile, production has already started in the Liza 2 development, which is said to produce even lighter crude than Liza 1. It is also estimated that when the Yellowtail development project comes on stream, production will climb to 810,000 bpd by 2027. The US oil major anticipates at least six FPSOs producing one million bpd by 2030.
The Stabroek Block is 6.6 million acres (26,800 square kilometres). Exxon, through its local affiliate Esso Exploration and Production Guyana Ltd (EEPGL), is the operator and holds 45 per cent interest in the block. Hess Guyana Exploration Ltd holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.