Guyana Tightens Grip on Oil Industry with New Pollution Bill

In a decisive move, Guyana's parliament has adopted an oil pollution bill designed to hold parties accountable for damages resulting from oil spills, including those involving vessels. The legislation was passed in a Friday session with a majority decision through a simple voice vote and awaits presidential approval to become law.

Guyana, whose burgeoning oil industry is primarily controlled by an Exxon Mobil consortium, is projected to produce over 900,000 barrels per day by the end of the year. The new legislation is part of the country's efforts to tighten oversight of its energy sector, with all oil and gas production stemming from offshore fields.

The bill requires responsible entities to secure financial assurances for potential spill damages, mandates regular inspections and audits, and imposes penalties, including potential suspension of operational licenses, on those failing to comply. As Latin America's fifth-largest oil exporter, Guyana's increased production emphasizes the need for regulatory vigilance.

(With inputs from agencies.)