Latest update December 25th, 2024 1:10 AM
Latest News
- Guyanese losing millions from Govt. and Opposition’s failure to to manage oil sector
- ‘Guyana’s Stabroek Block success is like a Michelin Star Restaurant’ – Exxon official
- Gaza appeals for help as Israeli army attacks key hospitals
- Face the Press, Mr. President!
- State makes application to revoke Brutus’ bail
US firm hired to revise decades-old Petroleum laws
… local law firm to be involved
The Department of Energy has hired a US firm, Hunton Andrew Kurth LLP, to conduct a revision of the Petroleum (Exploration and Production) Act, among other things.
Revealing this during a press conference yesterday at the Ministry of the Presidency was Energy Director, Dr. Mark Bynoe.
The Act has not been updated in decades, and Government has been criticised for not having revised it before the beginning of oil production.
The firm will be working closely with Guyanese firm, Cameron & Shepherd to revise, replace and/or develop the legislation which will govern Guyana’s fledgling petroleum industry moving forward.
The Energy Director was keen to note that this consultancy, by involving a local firm, demonstrates the Department’s commitment to local content.
“What we are aiming for is not just a company coming into Guyana but local expertise also being built, so that over time, more of these resources can [go toward] Guyanese rather than [continuing] to import… expertise.”
Dr. Bynoe said that the contract is projected to last one year, with the entire consultancy set to cost US$1.2M.
The cost of the consultancy will be financed through an ongoing US$20M loan from The World Bank. The loan is for a project called the Petroleum Resources Governance and Management Project, meant to facilitate a wide-reaching enhancement of the legal and institutional frameworks and the strengthening of the capacity of key institutions to manage Guyana’s oil and gas sector.
The Energy Director said that the firm will also provide legal advice to the Department of Energy on all matters related to the oil and gas sector.
“This consultancy is critical in the Department of Energy, setting out conditions that will level the proverbial playing field, bringing greater clarity and certainty to the sector’s operations and enhance operational efficiencies,” Dr. Bynoe told reporters.
He indicated that the consultancy concerns many aspects of the sector.
“Take, for example, we have been clamouring for legislation around local content. We have no such legislation. All of those have to be developed. We’ve been clamouring for a modular refinery. We have nothing that governs downstream activities [and] midstream activities.”
The sister agencies to the Department of Energy, with responsibilities to the sector, will also receive support from the firm.
“[One example is] the Environmental Protection Agency (EPA) and their regulations. What regulations would they have that will govern the Petroleum sector? And there again is an absence or a dearth of such regulations.”
He said that the firm is expected to exact a wide sweep of the sector’s needs.
The firm has served several reputable companies, individuals, governments and institutions. The “About Us” page on its website says that it serves clients across a range of complex transactional, litigation and regulatory matters. Its strengths are purported to be in the energy, financial services, real estate, and retail and consumer products industries, as well as considerable experience in more than 100 distinct areas of practice, including privacy and cybersecurity, intellectual property, environment, and mergers and acquisitions.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Merry Christmas, Ya Filthy Animals!
Peeping Tom… Kaieteur News- Ah, Christmas—the season of goodwill, good cheer, and, let’s not forget, good riddance!... more
Breaking the Chains of Poverty: A need for political will
By Sir Ronald Sanders Kaieteur News- The year 2024 has underscored a grim reality: poverty continues to be an unyielding... more
Weekend Cartoon
