Attorney General Anil Nandlall, has boasted of the Government’s legislative achievements to ensure that the oil and gas sector is properly regulated, even as he noted that the legislation is subject to be updated.

During his presentation at the Guyana Energy Conference, Mr. Nandlall reminded that the Government in 2021 enacted two of the most important pieces of legislation to regulate the sector—the Natural Resource Fund Act and the Local Content Act.

The two pieces of legislation were critical in the early days of oil exploration activities and said government soon after taking office had to prioritize them.

Another important framework he noted, was the drafting of templates of Production Sharing agreements to be used in the future.

“Significantly, it entrenches an elaborate regime in respect of public bidding for oil blocks and it stipulates qualifications with respect of those who may wish to bit. It prohibits members of the government, members of Parliament from holding licensees and the Act also stipulates a regime of taxation that currently does not apply to PSA’s,” Mr. Nandlall noted. 

He said the Government has also enacted the Petroleum Activities Act and Oil pollution prevention, preparedness and response and responsibility Act—and Act the protects the environment and keep the industry to international standards

“The Act addresses the entire chain, preventing oil spill from happening, preparing effective contingency plans in case they do, mounting a swift and coordinated response if an incident occurs and assigning clear responsibilities including financial liability for damaged caused. Complex as these enactments maybe, I assert without reservation that each of them is capable of withstanding rigorous and competent technical scrutiny from any quarter of the globe,” Mr. Nandlall said. 

He said while the Government’s legislative framework for the sector remains firm, it is still open to changes.

“Our legislative framework is not static, it is subject to constant scrutiny, evaluation and refinement. We remain steadfast in our commitment to ongoing development, regulations that reflect global best practices and align with internationally recognized model laws ensuring that our legal system evolves with the highest standards of the international community,” Mr. Nandlall stated.

Currently, he said the government has in draft a solid and Liquid Waste Management Bill that will embrace the oil and gas sector as well as an oil and Gas Corporation Bill that will deal with the downstream activities of Natural Gas, when the country’s gas development commences.

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