In just a few years, Guyana is expected to benefit from massive revenue earnings which will be had
from significant oil finds. But to effectively prepare the nation for the onset of a billion-dollar industry, a number of policy documents, legislation and regulations would have to be in place, one of which includes a modern upstream Oil and Gas Policy.
For the time being, the draft Oil and Gas policy represents Guyana’s attempt at setting out specific policy objectives and implementation measures for the exploration and potential development of upstream oil and gas resources found in the country.
This is according to Minister of Natural Resources, Raphael Trotman.
The Minister stated that while the work executed on the initial draft of the policy in 2015 was extensive, the coalition government recognized the need to improve the policy by including issues such as licensing and contracting, fiscal framework, transparency and accountability, and environmental management.
In this regard, he said that an invitation was extended to the Commonwealth Secretariat to return to Guyana to assist in updating the document. Minister Trotman said that an update to the policy included an analysis of the legislative, contractual and regulatory frameworks presently in place.
Additionally, Trotman reminded of his Ministry’s promise to the National Assembly that a number of legislation and policy documents would be completed by the end of 2016. These included; Oil and Gas Policy; the Revised Petroleum Act and Regulations; Local Content Policy and Regulations; Petroleum Commission Bill; Petroleum Taxation and Fiscal Legislation; Health, Safety and Environment (HSE) Regulations; and a Bill to provide for Sovereign Wealth/Generational Savings, Stabilization, Infrastructural Social Welfare and Citizens Participation Fund.
Trotman stated that all of the above mentioned documents have been completed and will be rolled out for countrywide consultations early this year.
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