“Extraordinarily time consuming” is how the Guyana Revenue Authority (GRA) has described interpreting and enforcing the terms of the 10 Production Sharing Agreements (PSA) signed between Guyana and 16 international oil companies.
“Given that the Oil and Gas Sector is in its rudimentary phase most terms within the PSA and the legislation are subject to interpretation. This has to be meticulously and punctiliously read and interpreted which is extraordinarily time consuming; since the outcome of these inaugural activities would set precedents within this burgeoning sector,” a draft report from the authority explains.
