Minister of Natural Resources Vickram Bharrat on Tuesday used his contribution to the Budget 2026 debates to push back strongly against opposition criticism of Guyana’s oil and gas sector, insisting that the industry is being managed with strict transparency and accountability and that the evidence is publicly available.
Speaking in the National Assembly, Bharrat said the PPP/C returned to office in September 2025 on the strength of what he described as a solid record of development and a manifesto that Budget 2026 is designed to advance. He then turned his focus to what he labelled recurring opposition claims about governance of the petroleum sector—claims he argued do not align with the legal framework and oversight mechanisms now in place.
A central part of the minister’s rebuttal was the Natural Resource Fund (NRF) framework. Bharrat reminded the House that the new NRF law was passed on December 28, 2021—about one year after the government took office and argued that it institutionalised parliamentary oversight over withdrawals.
He said the law prevents any single minister from deciding how funds flow, noting that transfers from the NRF require approval through the National Assembly. Bharrat also pointed to penalties built into the framework, telling the House the finance minister could face imprisonment if oil revenues are not declared to Parliament as required.
In addition, Bharrat said the public can verify inflows independently through published information, arguing that Guyanese can go online, examine the gazetted revenues entering the NRF, and calculate receipts for themselves.
Bharrat also rejected claims that government is withholding key information, stating that Guyana has submitted its 2023 EITI report and is working toward completing the 2024 report on time. He further said the country is preparing for an upcoming EITI validation exercise.
As part of his response to opposition critiques, the minister said government has committed to publishing production licences and environmental permits, and that these can be found online. He also maintained that petroleum contracts are publicly accessible, saying the agreements signed are available on official websites.
Bharrat addressed concerns raised about monitoring at sea, arguing that oversight extends directly to production operations offshore.
He told the House that each FPSO operating offshore 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.
He described these measures as part of a layered system intended to protect Guyana’s interests in a sector that is driving national growth.
In responding to broader criticism of sector management, Bharrat pointed to production levels, telling the Assembly that output is now over 900,000 barrels per day, an expansion he said is rare for a new producer roughly a decade after first discovery.
He also cited exploration performance, claiming deepwater exploration success rates exceeding 80 per cent, which he described as unusual in the industry and reflective of what he called prudent management and strong leadership.
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