14-day consultation period starts on draft model petroleum agreements

Georgetown, March, 14 2023:

A  fourteen-day consultation period has commenced in Guyana on draft Model Petroleum Agreements for both the deepwater and shallow-water area. The agreements were released by Guyana’s Ministry of Natural Resources. Updating of legislation is expected to follow to allow for a comprehensive framework of international best practices, a DPI release noted.

The draft Model Petroleum Agreements embodies rigorous research and analysis by the ministry’s internal team, and external consultants on all topics relevant to a modern petroleum agreement for Guyana. The process involved a comprehensive assessment of the current petroleum agreement and the identification of best practices relevant to every contractual aspect of a modern agreement grounded in the Guyana context.

Feedback on the draft model agreements should be addressed to the Minister of Natural Resources.