There is a joke that you may have heard in some accounting classes. During an interview, prospective candidates were asked what was 2+2. The engineer answered 4, the journalist 4, and the lawyer 4. The accountant leaned over and whispered, “I can make it any number you want”. There is a great point behind this…
Many new graduates searching for a job lack the experience they need to get their dream job. They have spent years studying and have good grades. However, without the relevant industry experience, many employers are not willing to take the risk on them, especially for highly technical positions. Usually it takes 10 years to develop…
Introduction Today’s column continues the effort to provide for readers’ guidance a response to the burning question: What are the lessons to be learned from oil and gas producing countries that have implemented policies/regimes for local content requirements (LCRs)? As previously indicated, such countries are many, and, unsurprisingly, their experiences are varied. Beyond question, LCRs…
Introduction Last week’s column had indicated that, starting today, I would seek to draw lessons arising from global experiences with national local content requirement (LCR) regimes, which are aimed at maximizing economic benefits derived from the creation of export-oriented oil and gas extraction industries, based on significant domestic resource finds. I shall further indicate these…
IntroductionMy aim has been in recent columns to lay out carefully the economic rationale in support of the proposition that, if Guyana’s coming oil and gas extraction industry is to play a transformative role in its economic development, then the dynamic integration of whatever economic benefits are derived from the industry into other economic sectors…
Introduction In last week’s discussion of Guyana’s proposed local content requirements (LCRs) policy for its coming oil and gas extraction industry, I had introduced three key concepts, which require further elaboration. Those concepts are 1) the enclave economy; 2) the potential for transmission of economic linkages and spillovers from a successful oil and gas industry…
Introduction In my New Year’s Day column this year I had indicated there are three policy priorities which seemingly guide government’s preparations for the development of its impending oil and gas-based extraction sector. If these priorities are interpreted in their broadest sense, they could be expressed as 1) establishing a sovereign wealth fund (SWF) and,…
Introduction Today’s column concludes discussion on the institutional aspects of Guyana’s preparations for its coming petroleum industry. The discussion focuses on the proposed regulatory commission, as expressed in the government’s Draft Petroleum Commission of Guyana Bill (PCB), presently in circulation among stakeholders. Although the Guyana Geology and Mines Commission (GGMC) is responsible for oversight of…
At the conclusion of last week’s column, I had indicated the intention to wrap up in today’s column my discussion concerning the institutional architecture and governance in preparation for Guyana’s coming gas and oil industry. However, the feedback readers have offered since, suggests they are not altogether clear as to why there is a special…
Introduction Last week’s column advanced the view that Guyana’s membership of the Extractive Industries Transparency Initiative (EITI) is a crucial plank in the institutional governance architecture being designed for managing its impending oil and gas extraction industry. I summed up my evaluation of seeking EITI membership as a necessary, but not sufficient basis for securing…
