Archaic petroleum law among four...

From page 10 sector nor do they ensure adherence to more oil production because of high prices industrynorms. andtomonetisetheresourcequickly…” Upon assuming office in August 2020, In December 2020, the Inter-American the PPP administration had promised an Development Bank (IDB) had released a overhaulforGuyana’spetroleumlaws. brief pointing out the glaring loopholes in In fact, President Irfaan Ali during his Guyana’s legislative framework which inauguration address pledged to establish a essentially weakens the shield of protection Petroleum Commission to insulate the oil thatisneededfortheoilsector andgassectorfrompoliticalinterference.

According to the Bank, Guyana’s However, that has not been done and Petroleum Exploration and Production Act May 2023 will make eight years since and the Petroleum Commission Bill, in Guyanaiswithoutanupdatedlegislativeand their current state, do not contain any regulatoryframeworkthatisessentialforthe clauses that guarantee the independence of protection of the oil industry against any regulator that is appointed for the mismanagementandcorruption.

Caribbean energy sector stakeholders...

From page 13 intoaction,”saidWilliams. these goals, CDB’s BMCs, would need to In a sign of the commitment to install approximately 2,600 MW of coordinated efforts, the event is being renewable energy in the next eight years. supported by a wide range of the key Thisisa1400%increaseoverthecurrentrate. development partners working in the energy To get near to this, we need to think big, space in the Caribbean.These include the the work collectively and coordinate actions and governmentofCanada,thegovernmentofthe funding.ThisiswhyCDBhasconceptualised United Kingdom, the European Union, the our ASERT-2030 framework – to promote United States Agency for International bold decision making and transformative Development (USAID), Inter-American initiatives. Given the criticality of enabling DevelopmentBank(IDB),andtheCaribbean regulatory environments this regional Centre for Renewable Energy and Energy regulatory dialogue is intended to put plans Efficiency(CCREEE).

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