Latest update November 5th, 2024 1:00 AM
Guyana left dangerously exposed by absence of reformed laws for oil industry – Ram
By Kiana Wilburg
From 2015 to now, not a single piece of petroleum legislation has been updated. In fact, a regulatory framework for the oil sector is still to be implemented. It is on this premise that Chartered Accountant, Chris Ram, made the conclusion that the government seems no less or no more equipped, informed, and prepared for dealing with the events that are to unfold when first oil comes on stream next year.
During an exclusive interview with this newspaper yesterday, Ram said that when it comes to reforming the required legislation, he believes that the government does not know what to do and how to get it done. Some of the laws and regulations which need updating include: the Guyana Geology and Mines Commission Act; the Mining Act; the Petroleum Exploration and Production Act, No 3 of 1986; the Petroleum Exploration and Production Act Regulations, 1986; the Petroleum Exploration and Production Act, 1998, Chapter 65:10; the Environmental Protection Act; and the Occupational Safety and Health Act, Chapter 99:01.
Chartered Accountant, Chris Ram
Ram said, “This state of affairs leaves Guyana dangerously exposed in terms of regulating, monitoring and supervising the sector. The oil companies cannot be blamed for this but they must be wondering what really is going on and the government seems missing in action. It is over three years since I pointed out the absence of any new legislation. Our legislation is over 30 years old. And the Natural Resource Fund Legislation cannot be confused with petroleum legislation and regulations.”
Ram also bemoaned the fact that the Government is yet to give guidance on the status quo surrounding the Petroleum Commission Bill.
“The government has not indicated, so far as I know, whether it is still pursuing this Commission or whether it is satisfied that it has set up a mere Department of Energy…”
Further to this, the Chartered Accountant said it is understandable that the government had to address the issue of the No-Confidence Motion. He stressed however that it appears as though everything has been put on pause while the oil companies continue their plans and preparations with very little guidance or direction. Ram said, “We cannot ignore the fact that we are now only months away from first oil and the government seems no less or no more equipped, informed and prepared for dealing with the events that are to unfold.”
Ram was also critical of the fact there is no Depletion Policy or a National Oil Spill Contingency Plan in place. He said, “The fact that we have no plan is dangerous from an environmental perspective, from a monitoring perspective, and from a regulatory perspective. In other words, we are walking into the dark when it comes to the oil sector without even a torch light in hand.”
Additionally, Ram noted that the Energy Department which was set up last year and is housed in the Ministry of the Presidency is yet to say how it will address the aforementioned issues among others facing the sector.
“President David Granger handpicked Dr. Mark Bynoe to head that department and up to this date, we have had no pronouncements or indication as to whether and how that department is addressing all the weaknesses we have identified,” Ram said.
Taking the said points into account, the Chartered Accountant reiterated his earlier position that Guyana is left dangerously exposed and is essentially walking in the dark when it comes to the oil sector.
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