Economy & Business - September 2023

Guyana’s new petroleum legislation set to unlock further investment

After various delays, on 10 August Guyana’s national assembly finally voted in favour of a new Petroleum Activities bill, replacing the Petroleum Act of 1986. New model contract rules meanwhile shift terms in favour of the government, but foreign investor interest is still expected to remain strong, with 12 September set as the deadline for bids in the country’s first ever public oil and gas licensing round. The country’s oil sector has drawn major international interest since the discovery of offshore oil in 2015.

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