Latest update November 26th, 2024 1:00 AM
Upgrading archaic maritime laws, financial regime for oil sector to take centre stage at local conference
The need to upgrade Guyana’s archaic maritime laws and policies for the booming oil sector is expected to take centre stage at a conference, which will be held on Wednesday at the Marriott Hotel.
The conference is being organized by the Maritime Administration of Guyana (MARAD) with the assistance of Hughes, Fields and Stoby.
This event is intended to engage stakeholders from the maritime sector, particularly those in Oil and Gas on the need to establish a modern maritime regime for Guyana and the expanded mandate of MARAD.
The event will feature International Maritime experts who will address two key areas of interest: The requirements for the establishment of a new maritime regime for the Oil and Gas sector consistent with current international best practices; and the financial regime for the management and enforcement of the new laws and regulations for the oil and gas industry.
The Speakers slated to make presentations for the event include: Vivian Rambarath-Parasram, Assistant Professor at the University of Trinidad and Tobago and director of MTCC Caribbean; Professor Eric Smith from the AB Freeman School of Business at Tulane University; Rear Admiral James Olsen, Retired Admiral of the US Coast Guard with responsibility for Alsaka; Colin Young, Regional Advisor of the Caribbean International Maritime Organization; and Thomas Steigwald, Petroleum Consultant.
There will also be panel discussions after each presentation, which will provide a platform for interaction.
The topics for the panel discussions are: Legal and institutional considerations to enhance governance of Guyana’s maritime industry; Industry best practices among oil majors for self regulation; Lessons learnt; and New rules and regulations for enforcement.
Speaking to the importance and timeliness of such a conference, organizers said,
“An entirely new industry is coming to Guyana, which will be the primary engine of growth for the next two decades. This will engender an entirely new set of demands on our Maritime Resources. The current legal and regulatory framework will be required to rise to challenge of new classifications of maritime vessels like FPSO, new methodologies of assessing fees and dues for the operation of these vessels and the creation of an entirely new regime for the management and safety of our maritime regime.”
The organizers noted as well that the current regulations, which were applicable to marine vessels as defined in the Shipping Act of 1998 are now not adequate or appropriate for the new era, which is upon Guyana. Further to this, it was noted that the additional increase in maritime activity will severely challenge the current port and related facilities. They said that the issue of safety and efficiency will become major factors in the establishment of a new legal and regulatory regime.
MARAD and Hughes, Fields and Stoby said that while they are tasked with making Guyana a world class destination for investment in Oil and Gas, this requires an urgent, seamless transition to a modern effective and efficient legal and regulatory environment.
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