Government Initiates Legislation to Safeguard Guyana from Oil Spills and Liabilities
Government Initiates Legislation to Safeguard Guyana from Oil Spills and Liabilities
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In response to the growing importance of safeguarding Guyana’s environment and interests in the face of potential oil spills, the government is actively crafting new legislation. Vice President Dr. Bharrat Jagdeo announced during his weekly press conference that the new law, aimed at fortifying the nation’s defenses against oil spills and associated liabilities, could be enacted by midyear.
Dr. Jagdeo outlined that the proposed legislation would bolster the provisions related to liabilities in existing oil agreements and environmental permits. Moreover, it would extend coverage to parties involved in the transportation of fuel, thereby enhancing the enforcement of liabilities across the board.
“We are fortifying the oil spill legislation, which will hopefully be passed before we go to recess in August,” stated the Vice President. “This legislation will further strengthen the government and the regulatory authority’s tools not just to manage a spill but to enforce liabilities on offending parties, including parties that transport fuel.”
Addressing concerns about existing protective measures, Dr. Jagdeo reminded reporters that Guyana already benefits from significant environmental liability insurance, including a US$600 million policy as required by the Environmental Permit issued prior to the commencement of production. Additionally, ExxonMobil Guyana provides a US$2 billion insurance guarantee.
Dr. Jagdeo emphasized that offshore oil companies operating in Guyana also possess assets within the country that could be leveraged to cover expenses arising from potential spills. This multi-layered approach underscores the government’s commitment to ensuring robust safeguards against environmental disasters while holding responsible parties accountable for their actions.
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As Guyana continues to navigate its burgeoning oil industry, the introduction of comprehensive legislation underscores a proactive stance towards environmental protection and responsible resource management. The proposed laws aim to reinforce the nation’s resilience and preparedness in mitigating risks associated with offshore oil exploration and production.
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