Latest update February 6th, 2025 7:27 AM
AG touts dispute resolution training as key to address oil and gas issues
Attorney General and Minister of Legal Affairs, Basil Williams has endorsed the need for dispute resolution training in strengthening Guyana’s legal capacity to deal with matters relating to the emerging Oil and Gas sector.
Attorney General,
Basil Williams
There have been calls from various sectors of society as it relates to strengthening Guyana’s legal capacity to deal with issues arising from the oil and gas sector.
Arbitration has been cited as a key component of settling matters arising out of the sector.
In this regard, the Attorney General; (AG) welcomed the launch of the third International Commercial Arbitration Conference, which opened here on Wednesday.
Speaking at the opening ceremony, AG Williams endorsed the need for upgrades to the legal framework, specifically in the area of dispute resolution in view of the emerging oil and gas sector.
He noted that with Guyana quickly becoming a global investment hot spot, investor interest is high in the oil and gas sector. As such, he noted that legal standards must be raised to the highest international benchmarks.
He noted further that with the recent rise in Guyana’s involvement in international transactions, which is projected to accelerate, a more conducive legal climate is warranted.
Arbitration has been the traditional and preferred means of resolving international disputes.
International commercial investors generally favour arbitration, with the power of autonomy over the process, the ability to negotiate and tailor the procedure, as opposed to the strict and often lengthy and costly court proceedings.
In reference to these preferences, Williams highlighted case studies from the United Kingdom, Singapore, India and China, which gave credence to the position that local arbitration laws needs upgrading.
The Attorney General said that there is still a critical role for the court, even in the arbitral process, since ultimately the court acts as gatekeeper for guaranteeing the integrity of the process.
“The time has come to promulgate modern arbitration laws to meet internationally acceptable standards,” Williams declared.
The conference was hosted by the Chartered Institute of Arbitrators (CIArb) Caribbean Branch, an internationally recognised body promoting the use of Alternative Dispute Resolution.
It is being held in collaboration with the University of Guyana; the Caribbean International Chamber of Commerce; the International Centre for the Settlement of Disputes; CARICOM; and the Dispute Resolution Centre.
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