Petroleum Activities Act No. 17 of 2023.

Part II of the Act lays down provisions on the vesting of property in petroleum in the State; the management of petroleum resources in Guyana; the powers and duties of the Minister who is assigned or charged with responsibility for petroleum; application procedures for the grant of geological or geographical survey permit, petroleum exploration license, petroleum production license, pipeline operations license, and geological storage license for carbon dioxide; qualification criteria, such as requirements related to the environmental policies; petroleum agreement between the Minister and a company; and the ancillary rights required for the purpose of exercising the rights granted by the license or a petroleum agreement, such as the right to use water. Parts III and IV of the Act set out rules for the application, terms and conditions, grant, content, and renewal of geological or geographical survey permit, petroleum exploration license, petroleum production license, and the obligations of the licensees.
Part V provides rules for the cancellation of the license by the Minister by notice, the situations prescribed in the license or petroleum agreement as constituting force majeure, and the obligation of licensees to deliver data after cancellation, surrender or expiration of license or permit. Furthermore, this Act determines rules concerning revenues and financial guarantees; the application of tax laws; decommissioning obligation of the licensee in accordance with the best international industry standards and practices for safe, economical, environmentally sound and efficient in exploring for, developing, producing, processing and transporting petroleum; the operation, storage and transportation of petroleum by pipeline; the disposal, domestic supply, sales and export of petroleum; geological storage license for carbon dioxide; safety requirements, practices and standards of petroleum activities, the implementation of risk assessment and safety management systems, and emergency preparedness and response; restriction on exercise of rights of licensees in certain areas, including agricultural lands; compensation for any damage caused or done to any parcel of land in the license area; offences and penalties; and monitoring, inspection, supervision, research and verification actions of the Ministry for the implementation of the provisions of this Act. The Minister may approve or reject a decommissioning plan, considering safety and environmental factors, technical and economic aspects, disposal alternatives, impact on development of other petroleum operations or sources of energy, impact on local communities, fisheries and agriculture, and other national interests.