Guyana - Draft Petroleum Activities Bill 2023 June 2023
Country
Year
2023
Summary
The Ministry of Natural Resources announced the release of the Draft Petroleum Activities Bill of 2023 for public consultation in June 2023. The Petroleum Activities Bill is intended to replace the Petroleum (Exploration and Production) Act 1986 and is part of efforts by the Government of Guyana to modernize the legal and regulatory framework related to the petroleum sector.
The Bill introduces significant improvements and safeguards related to safety, emergency response, cross-border unitization, supervision, and monitoring requirements. It also authorises the Minister with Responsibility for Petroleum to prescribe regulations regarding critical administrative and operational aspects of exploration and production activities.