As the Government of the Cooperative Republic of Guyana makes strides to prepare for oil production in 2020, AlacheFisho, Legal Advisor from the Oceans and Natural Resources Advisory Division of the Commonwealth Secretariat, has arrived in Guyana to help advance Guyana’s legislative agenda for the petroleum sector.
Minister of Natural Resources Honourable Raphael G.C. Trotman, MP, tabled the Petroleum Commission of Guyana Bill in Parliament on May 8, 2017. Following its second reading, the bill was sent to a Special Select Committee for further review. Its passage in the National Assembly will see the creation of the Petroleum Commission of Guyana (PCG), which will regulate Guyana’s emerging oil and gas industry.
Ms. Fisho will be assisting the Government of Guyana through the Ministry of Natural Resources to consider the memoranda and comments received through the Special Select Committee process so as to streamline the current draft into a Bill that is nationally applicable and internationally relevant.
Additionally, Ms. Fisho will be continuing the review and updating process of the Petroleum (Exploration and Production) Act 1986. Upon completion, a number of public consultations are planned beginning in the first quarter of 2018. These engagements are aimed at garnering further input towards the revised legislation prior to presentation before the National Assembly.
The Commonwealth Secretariat has been providing technical assistance to Guyana for some time and has worked with the Ministry of Natural Resources to develop the capacity building and technical expertise to enhance our policy and legislative frameworks in preparation for the emerging petroleum sector. Ms. Fisho noted, “the establishment of a modern and effective regulatory framework for the sector will assist the Government in its resolve to maximize the benefits that will accrue from petroleum resources for current and future generations of Guyanese. The Commonwealth Secretariat welcomes the opportunity to continue providing assistance to the Government of Guyana in this regard”.
The Ministry of Natural Resources thanks the people of Guyana and all stakeholders for their patience as we endeavour to have the strongest possible legislative framework to effectively govern our new and emerging oil and gas sector.