The recently formed political party, Change Guyana, (CG) Tuesday urged voters not to elect the two main political organisations here on March 2, as it outlined its strategies for utilising the funds expected to come from the country's oil and gas industries.

CG leader, Robert Badal told a news conference that both the ruling A Partnership for National Unity (APNU) coalition government and the main opposition People's Progressive Party/Civic (PPP/C) had no viable plan to utilise the wealth from the oil sector for the socio-economic development of Guyana.

'Change Guyana plans to ensure a fair share of our oil and gas resources for the people of Guyana and propel Guyana among the league of progressive countries,' Badal said, adding that the party welcomed the success of the US-based oil giant, ExxonMobil and other companies 'in discovering and bringing this world class resource to production'.

But he told reporters that should CG form the next government here, it would seek to re-negotiate agreements with the various companies, blaming the present administration for failing to do so.

'While we believe our leaders could have negotiated a better deal for the people of Guyana, the commencement of production has put Guyana on the map and will bring enormous benefits to our people. As responsible leaders we hope to engage Exxon and its partners and all oil majors to continually enhance the benefits accruing to our country.

' We will negotiate a better deal over time on all existing contracts,' Badal said, noting that 'all blocks for which investors commitments have not been delivered to date would be returned to state ownership.

'There is no speculation anymore on oil blocks. These blocks and all unassigned blocks would be vested in a state-owned national oil company ,' Badal said, adding that contracts covering these blocks would be royalty based with investors subjected to local taxes.

In outlining his party's oil and gas policy ahead of the March 2 regional and general election, Badal said good governance and transparency and openness would 'underline all arrangements and that blocks would be auctioned periodically …to realise the highest price with attractive signing bonuses'.

Badal said his party intends to assign to every citizen of Guyana shares in the national oil company from birth and that the shares 'would appreciate in value with every auction and every signing bonus.

'Sales of these shares may only be disposed to one's family or the national oil company,' he said, adding 'there would be no speculation in these shares.

'This will give every Guyanese a stake in our oil resources and the benefits therefrom,' he said, noting that the revenue from the sector would be managed totally different from the plans as outlined by the two major political groups here.

He said adequate controls would be put in place to prevent misuse of the funds and that the CG government between the period 2020-22, the revenues 'would be used to uplift the income levels of all employed through reduction in income taxes, improvement in health care, education and urgently needed infrastructural works.

'Our approach is that there are so much urgent things to do right now that we can't just out (the revenues) as APNU and the PPP are saying, put it in a Sovereign Wealth Fund.

'We have to address those immediate needs of Guyanese currently (and) from 2023 we will activate the Sovereign Wealth Fund as more investments being made and more million barrels (of oil) come on line,' he said, adding that 'a portion of annual income from oil would be appropriated to this fund by parliamentary approval'.

He said the balance would be appropriated t specific funds including a poverty alleviation fund, an infrastructural development fund, a health care fund, education fund and an agricultural and industrial fund.

Earlier, CG founding member and chartered accountant, Nigel Hinds said a Change Guyana administration will engage a reputable public international law firm, 'to review not only existing oil contracts, but also the architecture for governance of the oil and gas industry'.

He told reporters there have also been vague statements by past and present government officials; including attempts to deny concerns being expressed by international experts about the extraordinary and globally unprecedented poor terms and conditions of the Production Sharing Agreements entered into by the Guyana government.

'Years ago, sister Caribbean countries, with much less at stake, such as Barbados, hired public international law firms to help them think through their own processes. It would not have taken a leap of imagination for Guyana's government to know what was the necessary and responsible thing to do.

'The information provided directly from government officials to date, and the controversial manner in which some information has been made public, has seeded mistrust, a real sense of neglect and disappointment among the citizenry,' Hinds said.

© Pakistan Press International, source Asianet-Pakistan