Guyana Passes Bill Holding Oil Companies Liable for Spill Damages

Guyana's National Assembly has passed an oil pollution bill that holds companies and offshore operators accountable for damages caused by oil spills, including those from vessels, with President Irfaan Ali expected to sign it into law soon. The legislation mandates financial assurances from responsible parties to cover potential spills, requires regular inspections and audits, and imposes penalties such as license suspensions for non-compliance. The Civil Defence Commission will be the national authority coordinating response efforts and overseeing risk mitigation. This move comes amid Guyana's rapidly expanding offshore oil production, led by an ExxonMobil consortium, which is projected to exceed 900,000 barrels per day this year, making Guyana Latin America's fifth-largest oil exporter. Officials emphasize the bill aligns with best practices to ensure environmental protection as the country's oil sector grows significantly. The legislation aims to reinforce oversight and safeguard the environment in the face of increasing oil exploration and production activities offshore.