Guyana’s Minister of Natural Resources, Vickram Bharrat, has tabled the Petroleum Activities Bill 2023 in the country’s Parliament. The Bill was initially published for consultation with stakeholders and has now been revised by the government to incorporate acceptable comments.
In Parliament, the Bill is expected to face rigorous debate and proposed amendments from Opposition parliamentarians. Parliament usually goes into recess every year on August 10 to October 10. Given that there are also other matters on the parliamentary agenda, it is likely that there will be an overnight marathon debate to pass this Bill before the recess.
This Bill is expected to replace the Petroleum (Exploration & Production) Act, which has governed Guyana’s oil and gas sector for 37 years. Once passed, the new law will pave the way for the execution of Guyana’s first ever Offshore Licensing round, which will conclude this year. The new law will also introduce a new framework that is consistent with the model petroleum agreements which will be issued to awardees in the round.
See below for the Petroleum Activities Bill 2023, as published by Guyana’s Official Gazette:
