The Guyanese National Assembly has approved the new Petroleum Activities Bill, granting the Ministry of Natural Resources the power to oversee various aspects of oil operations, including exploration, production licenses, and environmental permits, whether obtained through tenders or negotiations. The ministry will also enforce the law, apply fines, and operate under cabinet review, without exclusive regulatory agency or parliament oversight.
The bill covers new conditions such as hydrocarbon transportation, storage, and access to oil for future refineries. The new rules, which apply to future projects, including an upcoming oil blocks auction in 2023, replace the 1986 Petroleum Act. Since its first discovery in 2015, Guyana has become one the most rapidly expanding oil-producing nation. The country’s offshore reserves are credited to contain around 25 mbl of oil, and there are ongoing projects to achieve an output of around 1.2 mb/d by 2027 (116 kbl/d in 2021).
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