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Oil companies bound by new legislation to protect fishing and navigation rights
Petroleum Activities Law Pt. 7…
– must pay fair compensation for damage
By Kiana Wilburg
Kaieteur News – Guyana’s Petroleum Activities Legislation makes it clear that a company which has a licence to either explore or producing oil cannot do so in a manner that interferes with fishing or navigation.
The law states that the licencee is duty bound to first notify and obtain the approval of the minister and any other relevant state agency before conducting any activity that is likely to be disruptive.
The law also states that if in the course of exploration or production operations in any parcel of land in the licence area, any damage is done to the parcel of land or the interest of the lawful occupier or to any cultivation or building thereon, the licensee shall be liable to pay fair and reasonable compensation.
Kaieteur News understands that compensation shall be such sum as may be agreed between the licensee and the person entitled to receive compensation, and if no agreement can be arrived at between them, then it will be determined by a court of competent jurisdiction.
The Petroleum Activities Law replaces Guyana’s Petroleum (Exploration and Production) Act 1986 and is part of efforts by the government of President Mohamed Irfaan Ali to modernise the country’s legal and regulatory framework related to its nascent petroleum sector.
The enactment of the Petroleum Activities Law marks a significant stride in fortifying the legislative infrastructure that governs Guyana’s burgeoning petroleum industry. Reflecting a comprehensive approach, the law meticulously balances the interests of stakeholders, ensuring that exploration and production operations coexist harmoniously with the traditional activities of fishing and navigation, which are vital to the livelihood of many Guyanese.
By establishing clear protocols for communication and approval from the relevant authorities, and by mandating fair compensation for any damage incurred, the law stands as a testament to the government’s commitment to sustainable development and equitable practices. As Guyana continues to develop its petroleum resources, the implementation of such a law underscores the nation’s dedication to an orderly and responsible exploitation of natural resources.
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