Guyana Oil Find: Petroleum Bill for Select Committee

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GEORGETOWN, Guyana – The Petroleum Commission of Guyana Bill 2017 – the legal architecture for the Petroleum Commission of Guyana – is set to be taken to a Special Select Committee following its tabling in the National Assembly.

The Bill, which was the subject of consultation for a number of months, will be laid in  the National Assembly on Thursday April 13, 2017 by the Minister of Natural Resources.

It is expected that the Bill – the first in a raft of newly developed legislation for the oil and gas sector – will undergo further scrutiny and refining during a period in the  Special Select Committee. It has already undergone a number of changes following consultations with various stakeholders.

The Bill has 51 Clauses and will create the Petroleum Commission that will have the responsibility of monitoring and ensuring compliance with the policies, laws and agreements for petroleum operations. It will also, inter alia, be responsible for ensuring compliance with health, safety and environmental standards and ensure local content and local participation in all of the activities.

The Petroleum Commission will also have an advisory role to the Minister on matters related to the conduct of the industry and will be managed by a Board of Directors that will comprise experts in various fields as well as representatives of civil society and the parliamentary opposition. The Commission will also ensure that it accesses the necessary research into the industry so as not to be reliant purely on data that the petroleum operators provide.

The Ministry of Natural Resources expects that the Select Committee process will be completed, and the Bill passed into law, before the annual recess commences in August 2017.

Download a copy of the bill