Guyana to get new law to safeguard against oil spill liabilities – Jagdeo

Vice President Dr. Bharrat Jagdeo on Thursday said the government will soon introduce a new law to protect the country from any liabilities arising out of an oil spill.

Jagdeo, who spoke at a People’s Progressive Party Civic (PPP/C) press conference on Thursday, said the new legislation is already in the works and it is likely to be passed before the Parliamentary recess later this year.

According to him, the new law will cover the “full liability of any environmental spill” so that the companies in production or associated companies such as those involved in shipping would be held responsible if there is any disaster.

“… We have worked on legislation that will ensure the full liability (for) any environmental spill, or it would have to be taken care of by the companies in production because the law would require them to do so, not just a guarantee.

“…We’d have to, by law, now ensure that we can hold those who are responsible for any future spill liable,” the Vice President and PPP/C General Secretary said.

Outside of this forthcoming legislation, the Vice President reminded reporters that Guyana already enjoys US$600 million environmental liability insurance, as required by the Environmental Permit issued before the startup of production, and the US$2 billion insurance guarantee from ExxonMobil Guyana.

He also said the oil companies working offshore also have assets in the country that can be sold to cover any expenses arising out of a spill.