Guyana lawmakers pass bill making companies liable for oil spill damages
Reporting by Kemol King, Reuters
GEORGETOWN
EnergiesNet.com 05 19 2025
Guyana’s parliament passed an oil pollution bill late on Friday that holds parties liable for damages caused by oil spills, including from vessels.
The bill, which passed with a majority of votes cast in a simple voice vote, is expected to soon be signed into law by President Irfaan Ali.
Guyana, whose oil production is controlled by an Exxon Mobil-led (XOM.N), consortium is expected to surpass 900,000 barrels per day (bpd) this year. The South American country is trying to reinforce oversight of its nascent energy industry, where all crude and gas output comes from offshore fields.
The legislation stipulates that responsible parties provide financial assurance to cover spills, conduct regular inspections and audits, and address any issues found.
It also includes penalties for companies that fail to comply with regulations, including the suspension of licenses to explore and produce oil for those that do not provide the financial assurance required.
Guyana, whose oil production is controlled by an Exxon Mobil-led (XOM.N), consortium is expected to surpass 900,000 barrels per day (bpd) this year.
Last year the country became Latin America’s fifth largest oil exporter after Brazil, Mexico, Venezuela and Colombia. The Exxon group, which includes U.S. Hess (HES.N), and China’s CNOOC , produced an average of 631,000 bpd of oil in the first quarter, 3% higher than in the same period last year.
Reporting by Kemol King; Writing by Brendan O’Boyle; Editing by Diane Craft
Reuters.com 05 17 2025
