The Parliament of Guyana, where more than 10 billion barrels of oil equivalents have been discovered over the past half-decade, voted this week to amend its Natural Resource Fund (NRF) Act that will govern a sovereign wealth fund managing the proceeds from oil. The Parliament also passed the so-called local content bill requiring foreign companies to ensure they use Guyanese individuals and companies for everything from catering services to accounting by the end of next year. The sovereign wealth fund currently stands at US$534 million, Guyana says, and notes that the bill to amend the Natural Resource Fund Act “also contains several provisions to ensure transparency, proper governance, and accountability.” “Guyana is a resource rich, underdeveloped economy. Oil revenue is a bonus to accelerate Guyana’s economic transformation, modernization, diversification, and development over the next decade,” said the Guyana Oil and Gas Energy Chamber, which backed the bill. One of […]