While the Guyana Government has already covered substantial ground in modernizing its framework for the oil and gas sector, there is still more running room to go says Vice President, Dr. Bharrat Jadgeo.
During a press conference on Thursday, the chief policymaker for the sector said the country still has several pieces of subsidiary legislation that are needed to support its Petroleum Activities Law passed last August. He said a Memorandum of Understanding (MoU) that Guyana is expected to sign soon with India will pave the way for extra support on these and other matters.
“I see the building out of a regulatory framework for the oil sector as ongoing. It involves drafting new pieces of legislation. For example, the Petroleum Activities Law, we are now drafting regulations for this such as those to do with safety and environmental regulations and those have to be laid in parliament,” the Vice President said.
He said Guyana stands to benefit greatly from India where these matters are concerned. Jagdeo is also hopeful of tapping that country’s human resource capacity for the Natural Resources Ministry as well as the Environmental Protection Agency (EPA). The Vice President said he therefore welcomes the MoU.
It was on Tuesday that the Indian government announced its approval for the MoU to be signed with Guyana. It is expected to pave the way for collaboration on crude oil sourcing from Guyana, Indian companies’ involvement in exploration and production, and collaboration in refining crude oil.
