The National Assembly yesterday morning passed the Petroleum Activities Bill 2023 whose main purpose is to provide for the exploration, production, storage, and transportation of petroleum in Guyana.
The Bill now replaces the Petroleum (Exploration and Production) Act of 1986.
Minister of Natural Resources, Vickram Bharrat in presenting the bill for second reading, stated, that it was no secret that Guyana’s oil and gas sector was moving at a rapid pace with the country’s discovery rate in exploration wells being unheard of around the world, “an 85% success rate of exploration well in deep water have never been heard of anywhere in the world whether it is deep sea or on land.”
