New Petroleum Bill for public consultations soon

overhaul the 1986 Petroleum Act and other key regulations to ensure that new investments in the burgeoning sector are governed by “a comprehensive framework of international best practices.”

The recent announcement of impending legislative changes came as the government released new oil contracts and invited submissions on the contracts over a 14-day consultation period.

Those new contracts, deemed model Petroleum Agreements, should be inked between the government and the countries or companies that successfully bid for the 14 oil blocks.

Guyana’s bid round for 14 new oil blocks was launched last December and it is expected to close by April 2023. The government hopes to award contracts by the end of May 2023.

The oil blocks on auction are for shallow and deep water areas and if successful, companies will be guided by a fiscal and contractual terms meant to garner greater benefits for Guyana.