The government is poised to present the Petroleum Activities Bill in the National Assembly on Thursday, August 3, as confirmed by Vice President Dr. Bharrat Jagdeo. He provided the confirmation at his press conference today, as he expressed concern about the parliamentary opposition’s lack of involvement in effectively managing the nation’s flourishing oil and gas sector, emphasizing the importance of their constructive contributions during the bill’s discussions.
Last month, the government officially unveiled the draft Petroleum Activities Bill 2023, initiating a period of public consultation. This crucial step was part of the government’s commitment to modernizing the legal and regulatory framework governing the country’s petroleum sector. The bill notably aims to replace the outdated Petroleum (Exploration and Production) Act of 1986, incorporating substantial enhancements and safeguards across all aspects of the industry.
The Vice President was also pleased to note that in light of the bill to be tabled soon, the recently announced bid submission deadline extension will be the final one.
Yesterday, the Ministry of Natural Resources announced the third extension of Guyana’s inaugural auction, the 2022 Licensing Round, with the deadline for bid submissions now scheduled to conclude on Tuesday, September 12, 2023.
On June 22, the Vice President had announced the second extension, highlighting that bids would remain open until the modernization of the old Petroleum Exploration and Production Act was completed. This extension aimed to provide investors with a comprehensive package, complete with updated regulatory and fiscal terms.
Given the bill’s upcoming tabling in the National Assembly, coupled with the introduction of the new model production sharing agreements, it appears that potential bidders will indeed have access to a comprehensive package before the revised deadline.