Georgetown Chamber of Commerce and Industry (GCCI) president, Nicholas Boyer, says that the State Assets Recovery Agency’s (SARA) investigation into the award of oil blocks is a waste of time, given that there is no existing Petroleum Commission or other supporting regulatory system.
At a press conference on Wednesday, Boyer was questioned by the media on the Chamber’s stance on the article by international media house, Bloomberg. com, which reported on the investigation launched by the agency.
“It was fun to open the Bloomberg article and then you read that SARA is investigating a number of oil companies including ExxonMobil. What I say, and I don’t know how you guys read it, but because of the lack of policy, we are now all over the place. If you wanted to understand or regulate how these blocks were given out, the first thing is we should’ve developed an internal policy…from before these blocks were issued, before we even had a true [oil and gas] industry,” Boyer said.
