Guyana must use depletion policy to avoid Dutch Disease

first_imgOil and gas development– says former BP executiveAs Guyana prepares for first oil in 2020, experts from across the world have been advising Government to make all the necessary preparations to avoid an oil curse or “Dutch Disease”.Former Vice President for Strategy and Policy Development at BP, Nick ButlerFormer Vice President for Strategy and Policy Development at BP; London and visiting professor at King’s College, Nick Butler, said one way to do that is by setting the pace of growth in this new sector with a depletion policy.Butler was speaking on KBIA’s Global Journalist, a radio and podcast channel out of the University of Missouri, School of Journalism, which is aired on Missouri and California radio channels.The former oil executive was joined by analyst at Control Risks; Raul Gallegos, from Bogota, Colombia; senior fellow at the Institute of International Relations, University of the West Indies; St Augustine, Anthony Bryan; and senior journalist at Guyana Timesand TVG’s Evening News, Samuel Sukhnandan.He said the idea behind this is to phase production over a long period, avoiding a gold rush and allowing local companies to build up their capabilities to enable them to win a share of any oil-related activity.“They don’t need to develop it all at once. I would support a depletion policy where you limit what you produce year by year to manage the inflow of money so that the exchange rate is not destroyed by this one single, successful industry,” he said.That covers everything from the development of a new port, infrastructure, engineering support and all the other essential onshore services from food to accommodation for the oil workers.Butler noted that if Guyana is to get this wrong, it would have devastating effects for agriculture and local businesses. It would also mean employment will become less.In other words, if there is a huge wave of foreign currency, the exchange rate here could get “out of balance” and it becomes cheaper to import commodities that are already produced in Guyana.”The former BP Vice President also said Guyana’s oil discovery seems promising because there is potential for more massive discoveries to be made. However, he noted that based on how things will play out here, he said it could take years before Guyana starts to benefit from the revenues.“It will take at least three years before any production and I would imagine that it would take another three years or maybe five years before the companies involved would recover their investment. So, there isn’t going to be a massive inflow of revenue into Guyana for five years or more,” he added.Although there are some plans already being made to have locals trained to take up employment in this new sector, Butler said there is still a need for more training programmes for locals. He said while the more specialised oil jobs will go to Americans and other foreign nationals with the expertise and skills, he said there will be a lot of other jobs and interest in the sector.Meanwhile, Bryan spoke to the need for Guyana to develop sound environmental policies when it comes to the oil sector, noting that the country should use Trinidad as an example of what could go wrong. He said with most oil producing countries, oil spills are inevitable and broken pipelines are a major concern.Gallegos, on the other hand, told the programme that Guyana is no different from other countries that have found oil, but their finances are poorly managed. He said it is therefore a huge responsibility that would require great efficiency. He used Venezuela as an example of one of those countries that did not manage its oil resources and revenues properly that did not work out well in the end.Adding his take from a journalist point of view, Sukhnandan in his contribution to the discussion stated that the relatively new Guyana Government has been taking steps to prepare for this sector.He noted that the Government has been looking at various models and polices in major oil producing countries that have been successful like Norway, among others. However, he did point out that the Government made a huge blunder when it kept secret a signing bonus worth US$18 million in the Central Bank.last_img read more

Van Gaal won’t change his beliefs at Man United, claims Owen

first_img1 Louis van Gaal watches on as Manchester United lose their Premier League opener to Swansea The full interview with Michael Owen appears in the current edition of Sport magazine. Download the free iPad app from the Apple Newsstand, and follow on twitter @sportmagukMichael Owen believes Louis van Gaal will stick to his principles as he seeks a winning formula at Manchester United.The Dutchman set his team up in a 3-5-2 formation for last weekend’s Premier League opener at home to Swansea, but that was abandoned at half-time as a combination of injuries and a lack of cohesion forced a re-think.But Owen insists Holland’s World Cup coach won’t change his way of thinking.“Everybody has been talking about the new Manchester United formation, and how it is going to suit them. It was abandoned after only half of the game, so a lot of people have come to conclusions about that. But it was successful in pre-season,” he told Sport magazine.“I know people say pre-season doesn’t matter and you can get easy games, but Manchester United had some pretty tough games to play, not least against the likes of Liverpool. So I wouldn’t have thought Louis van Gaal will be abandoning it just yet.“Van Gaal is just trying to get the best out of certain players. When everyone is fit, you’ve got two of the best strikers in the league [Wayne Rooney and Robin van Persie] and Juan Mata – who plays particularly well in behind two strikers. The only formation you can use to get all of those players into your team is that, unless you want to go and put Wayne Rooney out on the left. Credit to Van Gaal – he’s actually trying to get his best players in their best positions.“But someone like Jesse Lingard has never been a right wing-back until van Gaal took over. He’s played there a bit in pre-season, but when I was there he was always a midfielder – an attacking, central player who could score goals. And Ashley Young has never been a left wing-back in his life.“Just trying to find that right balance will take Van Gaal a little bit of time, as it will to get used to his players. It’s not looked like it’s worked in the first half of the first game, but he won’t abandon it. I’m sure it won’t be the last time we see that system, and I’m sure United will improve as the season goes on.”last_img read more

Tragic Kathleen was killed coming home from country music event

first_imgA woman killed when she was struck by a car outside Donegal Town last night was returning from a country music event.The tragic victim has been named as Kathleen Pryal from Spierstown, outside Donegal Town.The 69-year-old woman was a huge fan of music and had just got off a bus when she was struck by a car. Mrs Pryal, was just a couple of hundred yards from her home when she was struck by the car at Tinnycahill at Clar near Donegal Town around 8pm.Gardai and the other emergency services rushed to the scene of the accident.Unfortunately, Ms Pryal (nee Harvey) was pronounced dead at the scene despite the best efforts of Gardai to save her.Her remains were taken to Letterkenny University Hospital where a full post mortem is to be carried out. Garda Siochana technical investigators at the scene of the fatal accident outside Donegal Town at Clar. (North West Newspix)Gardai sealed off the road and carried out a full forensic examination of the scene.Mr Pryal’s husband Martin was being comforted by family and friends yesterday.A neighbour of Ms Pryal’s said “Kathleen was the kindest person. She lived for country music.“She was a quiet person and herself and her husband Martin are the nicest people. It’s all just very sad and everyone is shocked by what has happened.”Gardai are appealing for anybody who was in the area at the time and who may have dashcam footage to get in touch. Mrs Pryal’s funeral details are yet to be finalised.Tragic Kathleen was killed coming home from country music event was last modified: September 25th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:CLARconcertcrashdeathDonegal TownKathleen Pryallast_img read more