Guyana Strengthens Grip on Oil Spills with New Legislation

Guyana has introduced an oil pollution bill to Parliament requiring responsible parties to be liable for oil spill damages. The legislation mandates financial assurance, regular inspections, and penalties for non-compliance. An Oil Spill Committee will oversee the industry and manage spill response.

Guyana's government has advanced its environmental management efforts by presenting an oil pollution bill to Parliament. The legislation holds parties liable for oil spill damages, including spills from vessels, amid the country's burgeoning energy sector. This move is crucial as oil production continues to rise.

The proposed legislation mandates responsible parties to secure financial assurance for spill coverage, enforce regular inspections, and address any identified issues. Companies failing to meet these regulations will face penalties, including license suspension for exploration and production. Financial assurance is a critical requirement under this legislation.

The measure assigns more formal responsibilities to the country's Oil Spill Committee, enhancing its role in industry oversight and spill response coordination. This initiative highlights Guyana's commitment to mitigating environmental risks as its offshore oil fields expand.

(With inputs from agencies.)