Latest news with #oilpollution
Yahoo
19-05-2025
- Business
- Yahoo
Guyana's new oil pollution bill holds companies liable for spills
Guyana's National Assembly has passed an oil pollution bill holding companies and offshore operators accountable for damages from oil spills, including those from vessels. The bill, which passed with a majority voice vote, is expected to be signed into law by President Irfaan Ali soon, reported Reuters. This legislation aims to establish national environmental safeguards in response to expanding offshore oil production in Guyanese waters. The bill comes as Guyana's oil production, led by an ExxonMobil consortium, is projected to exceed 900,000 barrels per day (bpd) this year. The legislation requires responsible parties to provide financial assurance for spills, conduct regular inspections and audits, and address any identified issues. Penalties for non-compliance include the suspension of licences for exploration and production for companies failing to provide the necessary financial assurance. The Civil Defence Commission (CDC) will serve as the national authority to coordinate response efforts and mitigate spill impacts, as well as oversee routine inspections and audits to identify and rectify potential risks, reported the Maritime Executive. Guyana became Latin America's fifth-largest oil exporter last year after Brazil, Mexico, Venezuela and Colombia. The country reported a 3% increase in oil production in March, reaching an average of 631,000bpd, compared with the same period last year. The government anticipates production to surge to an average of 786,000bpd, driven by the commencement of the Yellowtail project, Exxon's fourth venture in the country. The Finance Ministry reported oil revenue of $605.46m (G$126.61bn) from royalties and sales in the last quarter of the previous year. "Guyana's new oil pollution bill holds companies liable for spills" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-05-2025
- Business
- Yahoo
Guyana lawmakers pass bill making companies liable for oil spill damages
GEORGETOWN (Reuters) -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 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 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 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.
Reuters
17-05-2025
- Business
- Reuters
Guyana lawmakers pass bill making companies liable for oil spill damages
GEORGETOWN, May 17 (Reuters) - 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), opens new tab 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), opens new tab 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), opens new tab and China's CNOOC ( opens new tab, produced an average of 631,000 bpd of oil in the first quarter, 3% higher than in the same period last year.
