Draft Model Petroleum Agreements to be subject to 14-day consultation period

The Ministry of Natural Resources, on behalf of the Government of Guyana, on Tuesday (March 14, 2023) announced the release of the draft Model Petroleum Agreements for both the deepwater and shallow-water area, and the commencement of a fourteen-day consultation period before finalisation.

The draft Model Petroleum Agreements embod - ies rigorous research and analysis by the ministry’s internal team, and external consultants on all topics relevant to a modern petroleum agreement for Guyana. The process involved a compre- hensive assessment of the current petroleum agreement and the identification of best practices relevant to every contractual aspect of a modern agreement grounded in the Guyana context.

To ensure new investments are governed by a comprehensive framework of international best practices, the Model Petroleum Agreements will be followed by an overhaul of the 1986 Petroleum Act and Regulations. Feedback on the draft model agreements should be addressed to the Minister of Natural Resources and sent to licensinground2022@ petroleum.gov.gy with the Permanent Secretary copied, jmckenzie@nre.gov.gy.

The indicative Guyana 2022 Licensing Round Schedule will be updated at www.petroleum.gov.gy/ guyana-offshore-licensing-round-2022 and www. nre.gov.gy which will reflect the new timeline for the publication of the finalised Terms and Guidelines, Model Petroleum Agreement and process of bidding — all adjusted to facilitate maximum participation from global interest. Official Expressions of Interest

(EOI) have been received for all fourteen blocks for tender of the Guyana 2022 Licensing Round, demonstrating global interest in Guyana’s shallow and deepwater offshore acreage.

The Model Petroleum Agreements represent the PPP/C Government’s commitment to its manifesto promise of establishing a model production sharing agreement (PSA), guided by industry standards and best practices. At the core, these are aimed at maximising the socio-economic benefits for our nation without disincentivising foreign investors in the sector. The Government of Guyana remains committed to a new era of oil and gas development, characterised by a competitive and favourable investment climate.

The relevant documents can be accessed at the following link: https://petroleum. gov.gy/guyana-offshore-licensing-round-2022.

Committee on the Influx of Migrants from Venezuela meets to discuss govt’s continued coordination and response

Meeting of the Multi-Agency Coordinating Committee to address the Influx of Migrants from Venezuela into Guyana

The Ministry of Foreign Affairs and International Cooperation on March 8, 2023, convened a meeting of the Multi-Agency Coordinating Committee (MACC) to address the influx of Migrants from Venezuela into Guyana.

The meeting was chaired by Minister of Foreign

Affairs and International Cooperation, Hugh Todd, and attended by Committee members from Government Agencies and International Organisations resident in Guyana.

Discussions centered on the initiatives currently underway to ensure the coordinated and appropriate response of the Government of Guyana to the needs of the migrants from Venezuela in Guyana.