Minister of Natural Resources Vickram Bharrat on Tuesday drew a sharp contrast between the current government’s handling of oil and gas revenues and that of the APNU+AFC administration, pointing to the immediate deposit of US$22 million in signing bonuses into the Natural Resource Fund (NRF) as evidence of transparency and accountability.
Speaking during the second day of the Budget 2026 debates, the natural resources minister said two recently signed petroleum agreements earned Guyana US$22 million in signing bonuses for blocks totalling less than 4,000 square kilometres, with the full amount already paid into the NRF and publicly declared.
“This is what putting people first looks like,” the minister told the National Assembly. “Every cent is declared, accounted for and placed where it belongs, in the Natural Resource Fund.”
The minister contrasted this with the acceptance of a US$18 million signing bonus under the former APNU+AFC administration for a block measuring more than 26,000 square kilometres, which he said was kept from public disclosure for over a year.
“The people of this country were not told about that money,” Bharrat said, recalling that conflicting explanations were later given about its status. “That is the difference between secrecy and transparency.”
He emphasised that under the PPP/C Government, oil revenues cannot be spent at the discretion of any single official, noting that withdrawals from the NRF require parliamentary approval. He reminded the House that the Natural Resource Fund Act was passed within one year of the PPP/C returning to office, establishing clear rules, oversight and a prescribed formula for deposits and withdrawals.
Bharrat also underscored that Guyana’s oil revenues, production figures and contracts are now publicly accessible online, allowing any citizen to verify inflows into the NRF.
“This is transparency in daylight,” he said. “This is how a modern oil and gas sector must be managed.”
The minister added that Guyana’s approach to oil and gas governance has earned international recognition, with several new oil-producing countries now looking to Guyana’s framework as a model.
“These are not accidents or coincidences,” Minister Bharrat said. “They are the result of deliberate policies, strong institutions and a commitment to protect the interests of the Guyanese people.”
Minister Vickram also rejected claims that the government is withholding key information, pointing out that Guyana has already submitted its 2023 Extractive Industries Transparency Initiative (EITI) report and is working to complete the 2024 report within the required timeframe. He added that the country is preparing for an upcoming EITI validation exercise.
Addressing concerns about offshore monitoring, Bharrat said oversight extends directly to production operations at sea. He told the National Assembly that each FPSO operating offshore Guyana has full-time state representation, including officials from the Ministry of Natural Resources, the Environmental Protection Agency, the Guyana National Bureau of Standards and the Guyana Revenue Authority.
According to the minister, crude offtake from an FPSO to a tanker cannot occur unless these representatives are present, a system he described as layered oversight designed to safeguard Guyana’s interests in a sector that is driving national growth.
In responding to broader criticism of sector management, Minister Bharrat pointed to production levels, telling the Assembly that output has now surpassed 900,000 barrels per day, an expansion he described as rare for a new oil-producing country less than a decade after first discovery.
He also highlighted exploration performance, noting that deepwater exploration success rates exceed 80 per cent, a figure he said is unusual in the global industry and reflective of prudent management and strong leadership.