The Ministry of Natural Resources is receiving assistance from the Oceans and Natural Resources Advisory Division of the Commonwealth Secretariat to review and update the Petroleum (Exploration and Production) Act 1986.
As such, Legal Advisor from the Secretariat, Alache Fisho is currently in Guyana to help in the consideration of memoranda and comments received through the Special Select Committee on the Petroleum Commission of Guyana Bill which was tabled in Parliament on May 8, 2017.
According to the Ministry of Natural Resources, this process will “streamline the current draft into a Bill that is nationally applicable and internationally relevant.”
“The establishment of a modern and effective regulatory framework for the sector will assist the Government in its resolve to maximize the benefits that will accrue from petroleum resources for current and future generations of Guyanese. The Commonwealth Secretariat welcomes the opportunity to continue providing assistance to the Government of Guyana in this regard,” Ms. Fisho was quoted as saying in a statement from the Ministry.
Upon completion, a number of public consultations are planned for the first quarter of 2018. These engagements are aimed at garnering further input towards the revised legislation prior to presentation before the National Assembly, the Ministry said.
Passage of the Bill in the National Assembly, will see the creation of the Petroleum Commission of Guyana (PCG), which will regulate Guyana’s emerging oil and gas industry.
The Commonwealth Secretariat has been providing technical assistance to Guyana for some time and has worked with the Ministry of Natural Resources to develop the capacity building and technical expertise to enhance legislative frameworks in preparation for the emerging petroleum sector.
