“We are hoping that [at] latest, next year third quarter, that we will be able to auction the new blocks. That requires us now to aggressively enforce the relinquishing provisions in all of the contracts so that, added to the existing pool of areas available… which can then form part of the auction that will take place,” Jagdeo told a press conference on Monday, held at the Arthur Chung Conference Centre.
To facilitate the public sales, he explained that government is aiming to put in the necessary architecture within the next year which includes management of the industry, policies for the auction and amendments to the laws if necessary.
Contacted by the Stabroek News for clarity on the issue, Minister of Natural Resources Vickram Bharrat said that he is checking with his technical team to confirm if the said relinquishments referred to would include blocks where there has been no exploration.
