In a bid to fortify protections against environmental and economic repercussions, Guyana has bolstered its oil permitting regulations, as announced by Kemraj Parsram, Director of the Environmental Protection Agency (EPA).
Parsram reflected on Guyana’s journey since granting its first oil permit in 2017, highlighting the initial lack of experience in drafting comprehensive guidelines.
However, leveraging reviews of laws and models from other nations, the country has diligently enhanced its oil permits framework to effectively manage both environmental and economic impacts.
A significant addition to the revised guidelines is the inclusion of financial assurance, ensuring that operators bear full responsibility and accountability for any pollution incidents.
Parsram emphasized that Guyana’s Environmental Regulatory framework is among the most robust in the Caribbean, showcasing the nation’s commitment to upholding environmental standards.
While acknowledging the progress made, Parsram also recognized the ongoing need for continuous learning and adoption of new approaches and technologies.
He noted that emerging advancements will further strengthen the local regulatory framework.
The strengthened oil permitting regulations underscore Guyana’s proactive stance in safeguarding its environment and economy amidst the burgeoning oil sector. With rigorous guidelines in place, the country aims to strike a balance between oil exploration and environmental sustainability.