Guyana’s National Assembly has passed a major oil pollution bill that will hold oil companies and offshore operators fully responsible for damages caused by oil spills.
The bill, approved late Friday through a voice vote, is now awaiting the signature of President Irfaan Ali to become law. The country, whose offshore oil production is managed by a consortium led by Exxon Mobil, is set to exceed 900,000 barrels per day (bpd) this year.
According to Guyana’s Finance Ministry, the oil sector grew by 58% in 2024, making the country the fifth-largest crude exporter in Latin America after Brazil, Mexico, Venezuela, and Colombia.
The new law aims to strengthen environmental protection and oversight of the offshore oil industry. It requires oil companies to provide financial assurance to cover any spill-related damages, conduct regular inspections, and fix potential risks found during audits.
Companies that fail to comply with these rules may face penalties, including suspension
Content Original Link:
" target="_blank">
