“There are not many places left on earth where you can put together an acreage portfolio like this …. Good contract terms, good support from the Government – there are not many happy hunting grounds left.” This quotation comes from Africa Oil CEO Keith Hill in referring to the situation of Kenya, not too long ago considered a frontier country with no prior history of petroleum resources and therefore having to offer generous terms to attract high-risk exploration.
This week we continue our review of the legislative framework for oil and gas exploration and development in Guyana with a focus on subsidiary legislation. However, before doing so, special attention is paid to the confidentiality provisions of the Act and those under petroleum agreements, and the taxation provisions contained in section 51 of the 1986 Petroleum (Exploration and Production) Act (Chapter 65:04).
