New oil spill law to protect Guyana likely by August – Jagdeo

The government is crafting new legislation to safeguard Guyana from oil spills and liabilities emanating from those disasters and Vice President Dr. Bharrat Jagdeo said the new law could be in place by midyear.

The Vice President, during his weekly press conference, said the new legislation will fortify the provisions for those liabilities in the existing oil agreements and environmental permits.

He said it will also cover parties transporting fuel so liabilities can be enforced better.

“We are fortifying the oil spill legislation which will hopefully be passed before we go to recess in August which will further strengthen the government and the regulatory authority’s tools not just to manage a spill but to enforce liabilities on offending parties including parties that transport fuel,” the Vice President said.

Previously, 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.