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Citizens have two weeks to review, offer recommendations on new draft oil law

Jun 20, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – The Ministry of Natural Resources released last evening the Petroleum Activities Bill for public consultation. The Petroleum Activities Bill replaces the Petroleum (Exploration and Production) Act 1986.

The ministry explained in a statement that the bill introduces significant improvements and safeguards related to safety, emergency response, cross border unitization, supervision and monitoring requirements and authorizes the Minister to prescribe regulations about key administrative and operational aspects of exploration and production activities.

Further, the Bill also expands the scope of the proposed Act to regulate storage and pipeline transportation aspects of the oil and gas sector and empower the government to regulate, in the future, activities associated with geological storage of carbon dioxide. Exploring opportunities for potential CO2 storage sites will also enable the government to develop petroleum resources while seeking to minimize their carbon and footprint, the ministry said.

The Petroleum Activities Bill is expected to be supplemented by a set of regulations that will follow in the coming months and provide the government the necessary toolbox for responsible and efficient management of the petroleum activities within the Guyanese economy.

The government will also ensure that the terms of the draft petroleum agreements released in association with the first offshore licensing round are aligned with the provisions of the Petroleum Activities Bill.

The draft Bill is now available for public consultation feedback for a period of two (2) weeks commencing from Tuesday, 20th June to Monday, 3rd July 2023, at the following websites: www.nre.gov.gy and www.petroluem.gov.gy.

All comments should be sent via email to [email protected] during the period and by close of business on Monday, 3rd July 2023.

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