Petroleum Activities Act No. 17 of 2023

470 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 PAR ll ADMINJ TRATIO D .THORJTY tin f pr pert in petroleum in the ta~ . 4. Management o petroleum r sour c . of the inister. 7. rant f lie nee. 8. ualifi ation criteria, 9. Publi ation f ppli ation orlicence. I0. R lri tion on pe t whom li nc m y be rant d. 11. P hibiti n a ain t vemment offi ial h !ding an inte in a licen e. 12. Petrol um ag em nt. I . ' tice f de i i n n appli ati n fi r Ii en e r p m1il 14. form and publication of grant of li ·n e or p rmit. 15. n illary right. 16. R slri tion n e • r i of righ b liceniSee 17. Dire tion f th Minist r. PAR III EXPLORATIO I gicaJ or geoph ical survey permit. nfi rrcd and nt nt of petroleum pioration Ii ence. ~ erm of petroleum explorati n licen c. I. pi tion \! ork p gnunm and budge pplic ti ploration li n e. R, n wal f p trol um xplorari n Ii en e. R lin ui hm nt far a upon rene\ THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 471 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 2 . f petroleum. 6. Di co ery of pelt I um f pol ntial comme i J intere t. 7. pprai al. 28. Di f petroleum f n pot ntial mmc i I inle t. 29. R t nti n o disco e omm rcial dj.:.rti,VP'I~ I. urrcnd r f c. plo lion area. P RT ( o LOPM lT roPROD • 10 ppli ati n ft r pelr I um produ tion licen e. rant f trol um produ lion licence. 4. R ·trictions on grant of petroleum prod tion Ii 3 -. ontent of p troleurn production licence. 6. Righ conferred b petrol wn pr du tion Ii en c. 7. T nn of petroleum production licen . 38. pplication for ren \.Val f pctr l um producti n lie n e. 39. Rene al of petroleum p ducti n lie n e. 0. urrend r f pctt I um produ ti n Ii nee. PARTY ELL 10 ND FOR .JF: R 41. Can ellati n. r e majcu . Deliv ry dat aft r can ellalion. urren r re PIIY f p trol um pr du lion Ii n .

472 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 P RTVI 4 nitisation. 4 ro -bord r uniti ti n. PR VU RE ANDFTN LG RA TEE Rental. 7. B nus. 4 . R tention fee. 9. Ro alty. 0. R mi ion fro. al . 51. Rcco 52. Training fee. 53. Financial upp n for en ironmental and social projecrs. 5 . P RTVIU APPLI ATIO OFT L W ppl icati n ft law . 6. mmi i nin ligati n. 7. D ommi' ·i ning pi n and budget. nt m fd mmi .i nin pi n. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 473 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 59. ppro al f dee mmi i ning plan. 0. empora and nnan nt aband nm nL f" ell . 61. Dec mmi ionin:1fund.

6 Partial d mmi . i ning r alt mat u . Failure t submit a dccommis ioning plan or m t decommissi nin obli ati n . Trans er of re ponsibili for decommi ioning. 65. Po t d nuni ion.ing. P RTX TRA ORT TIO D TORAGE 66. Tran rtati n and ·tor g f p trol um b pipelin . 67. Third party CCC • PARTXI Dl PO L OF PETROL 1 DOME TI PPL Y D EXPORT

6 Di po al of p tr Icum. 6 ark tin bar of pelrol um. 7. uppl . P RT XII ARBO DIOXIDE TORAGE 71. ppli ation for r car n dio, id . 72. Right t rage Ii ence for carbon dio, ide.

474 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 PART XJII F D RG R PO E 7 afety requir m n . p . and tandards. 7 fa ilitie and infr tructure. 75. R.i·k. ' m nt and afety management t m. 76. mer en preparedne and respon e. 77. ecurity. PAR RE TRl [0. 0 RI HT OFLI E EE 78. Restriction n e 1; i f righ in relati n to certain areas. 7 . i an from th r infrastructure. 80. 0 ertapping min ral rights. 81. commod tion of oth r fland. Fi hing an n ig ti n. mpc n. P RT V

0 DP IE 4. f the Cl. 5. Order o forfeiture on com ·ction or ertain offenc Penal for late payment . 10 'ITORJ P R I [01 , SP 10 0 Rlfl 7. f nit iring anJ upc THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 475 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 PAR U Ml ~LLA 0 rarufcr of righ •. 9. ntrol of bod corporate not to be given without consent of Minister. 0. tale pre-emptive right. 91. R tri rion on fi rin • nd g ventin 92. Power to obtain information relating to e plorati n or pr du ti n operati n . 3. iability and in mnit •. 4. litig tion against th tale and licen e. 95. Directions to gi ITect t treat . 96. P er to mak subsidiary legislation. PARTXVTTI REPE 7. R peal. 98. aving.

476 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 A T to re al an r pi th Petr I um , ploration and Produ ti n et ap. 65. and the P ·trokum Producti n) et ap :0 : l p ide for lh e ploration, duction. l! rag , and transp nation of petr leum in Guy na; an ti r r lat d matter . .0. 2023 EnaJled b th Parliamentof u ana: - P RTI p R h rt titl und I. I This A t may be il! d as the P trol ·um ti iti s cl 202 . mm nee nt.

2 Thi hall m int rati non date appointed by the Mini tcr Interpretation. -· ln thi • et - -ap rai al'"'m an th pi rati n p rations carried out f r th pu f tim ting th quantity of reco erablc m p t leum re rvoir and se ing th mm rciality of a disco ery; tint mati nal ind try standard and prai ti . 'm an all lh e us s nd pra tic that t the time in qu ti n. in rdance \vith th m t up to dat inl rnational ndar th l are generally pied in th intern ti na1oil and •a industry a being tat - of-th -an or othcrwi • a r priate t the m qu lion. c n mi al. en ironm ntall ound and fficient in e pi ring for. d eloping, P" ducing. pr e sing and tr porting petr leum; THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 477 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ..bi k·• mcaru a bi ck nstitut d und r th part o a bi k nstitllkd; an di judgrnenl, ·on iders ec n mi l dev lop and produ e: mpan m n a ompany in rporated or r gistered an e emaJ p. ompan und r th mparu "decornmi ion" or ··d c mmj • ·i ning" in lud • the.:pr •• fending petroleum operations. the temporary and permanent plugging of l , lh mo al. partial remo al r abandonrn nt in pla of \ ell . facilitie and asse u d in th fpe lum ration including, ilhout limitati n, pipeljn . quipm nl producti n and treatment fa ilitie ele tricaJ facilities landing 1elds, and tel mmuni ati n a iliti ite restoration and r medi lion operation and use, r use or r 1 infrastructure for altcmati e purpo . ; iated with- urem nl. d ig.n, nd ecuti n relat d to lb rillin ompletion of d elopmenl \; 11•• and b pi nnin , de i n, on tru ti n. n., and mrru ning of fi iii Li fi r the produ ti leum in luding lh purchas r l ing f all m t, rials an quipm nt hi h are required fir p a te dis 1. tran p n. t rag . and lifting o petrol um ~n

478 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 or r rvoir pre ur , inje ti n. r y ling nd ndary and tenia.ry recovery pro' ts: ""de 1 pmenl and prod ti n area 'means the are con tiruted b a bloc in relati n t hlch a petrol um producti n Ii ence has been granted: ''<li of petroleum not pre iously pro en by drilling and which can or is re o ered at th surface in a flow mcasurabl b con entional petrol um industryte ting methods· "di cov area' means th area in whi h th disc ery i m de, as re nab! d tennin b the holder of a liccn C p 0:05 " n ironmental Prot tion mean the En ironm ntal Prote tion t, fr m time to time modifi , amended r uppl m nted.; "e ·ploralion p rati mean rati n arried out f1r. r in M ti n ith, e pi rati n fi r pctr I um; "e plorari n area" m n th area, c n titut d y a block or bloc in relation t hi h a petrol um , pi ti n licen e has been ranted: THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 479 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ··fi mil m mber" m n th h band r, ife. or r puled hu and or wife, and lh hild r hildren fa g emment offi ·i I r mcmb r f P liam nt~ ·'fi Id' means an area consi ring f a rolcum r crv ir r multipl troleum rvoir aJl r up d n. r relaled to, lh ame indi i ual ge I gicaJ nditions r m \ hich petr !cum ma. b produ d c mm r iall • ..fi l d vcl pm nt pJan' mean the d tailed plan fi r Lh d el pment and product.ion a ti iti in luding lb conslru lion. c ·tablishm nl and iliti rv1 ii r. th ing, t ra e dt m lh Pfi po d produ ti n fi Id, g,i ing an a unl f related, re rvoir engineerin , d cl pment c nccpt, production fi ilitic,. n mic, tc hnical. n ir nm m.al and related I.he devel pm nt, and an, other requirem nt under th " et: ··g I gical t rage licence' mean a Ii nee rant by th ini ti r und r thi Act li e pi re, and e the potential of eologi al forma ·ons fi r the inje tion, torage and p nnanent qu trati a f arbon di id ; ••• cmm nt m i ,.. in lude pu Ii ofti r. an officer or employee f o • mment of u ana, who~ in th urse f c uti n f o mm at r· nal, or th r pecuniary r n n-p uni ip ti n. a ,quiring r h lding fan inter L in Ii nc

480 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 "h Id r '. in r I ti n t a Ii en e or permit, m ans tb per r rmit is ranted and, wh r a Ii n r permit i granted to n jointly with oth r mean f lb to wh m the licence or permit is jointl granted. and per on t whom the Ii ence or permit or an int r t lh in i I wfully tran ferred; in d f: uh • m an in breach of any pro isi n of this et. an ndili n gre m n or any direction gi en b the ini t r under this t~ ··land' includ land b n th d th ri r-bed r a- d. an lh ub iJ of u h land and th ri r- eel r ea-beet "'licence" means a licence granted under se lion • t o. 18 of ntent f' means the L al ontent ~ as from time to time 2021. m di tcd. amend "Mini er'' mean the pe n s1 ned or har ed with re ponsibili or trol um~ t rrito of Gu ana and lh area o r hi h th ta an reign rights over natural re urc intcmaJ ater. territorial ea, the c ntin ntal helf. continental margin and . elusive c n mi THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 481 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 "p nnif' me a g logical or ph ical pennit granted und r ection 18 of th t; ··p lroleum" mean an, naturally c urring b drocarbons h lht!r in a gas ous liquid or olid tatc; 11 any nalurall curring mixture o hydro arb n . v h ther in ag lid tale; r 111 an naturall urring mixture of n r more h cir carbon . wh ther in a g eou liquid or olid tatc and any other sub lane , and in lud an petroleum as defined by paragraph 1l r Ill that has been returned to a natural re e ir ut do not includ c al hale or an . ub. tan e that ma ex-tract d r m al r hale; ··petroleum agr m nl • m an an pe t fan of th matt ti n l f th t; ''Petr l um data" include all d ta, w II log , map magnetic tape , uts f or and urt.in amp! d i al and , ph sical infi rmation obtain d y the holder f a lie ns or permit in Lh c ur~ f carr ing ut p ·trol um o rations under th et. and all g ologi al, t hnicaJ, firutn ial and tudi and analysi

482 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 plorati n liccn •• means a licence granted b the Minister und r this t. hi h p rmit th h I r t arry ut p trot um e ploration and appraisal perations: exploration operati n appraisal, d elopm nt and pr u ti n penui n r more of such op ration . in ludin construction. peration and mainrenan of w lls, safety, n ironm ntal pr ti n, transp rtati n. Stora e. ale or disposition of petrol um to th d livery point., site r t rati n and an r II oth r in idemal per tion my --petroleum prodl!ctioo Ii n e" means li ence granted b the Mini ter under this cl, ,..,fuchpermits the h Id r to carry out de lopm nt and produ tion operations; leum re: ir' c urring disc t a umul tion f petrol urn; ''produ lion operations" means operation arri d out Ii r. r m oMecti n ith, th pr duction f pc I um; PARTll ADMJ I TRATIO THORI ting of property . Th property of petr I um I onditi am tmta in pctroleum in the tat . in th national t rrit r i est d in tb rat . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 483 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 an gcmcnt o 4. The Minister hall re pan ibl fi r lh dmini trati n f thi Petrol um re ource. L , ruch respoo ibilit hall in lud ral manag m nt of the pctr leum re urc f Gu n in a rd n with thi wrin a la . Powers nd duties 5. (1 p rs and dutit: f lh ini tt:r includ - ini ter. a) th lie n ·in , of p lr leum e ploration cl el pm nt, p du ti n, an pera i n , includin , th id•~ (b the pre cri iog o subsidiary legi lation and th , , umg f eh guid • ru; m y be nece sary for e • carrying out lb purpo • o thi et ( in ting and 'th r le ant agcn 1 . of th tat regarding lh en u f IJt!lroleumop ·rati n • d th m nit rin of th ensure c mplianc • \I iLh thi • nd th l m1. Wld onditi ns of a licence r permit grant d. rap tr t um agr emt.-nt ntcrcd int , under thi t and any oth r written law; di ting nducting petroleum rati n t perform corr t i a tion wh re there i non• c m lianc with thi t and Lh term· and ndili n f a lie nc nr permit ranted. r petroleum gre ment entered into. und r lhi • et and n ther v.rrittenla,v and 1m ith thi t;

484 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 t) de loping term pre cribing qualific Li n criteria for the grant of a lie nee; g) lo an matt r w 'th r- pect t whi h gulation m be mad und r lhi (h doing an and all thin • required b , an dil'Iction i n Li n l 7 and r overing u h ts and e pens in urred fi r d in in th sam man.n r as re enu due to th tat • (i dir cting that ·b stu i • and m stigati n . th mister deem fit, be done~and (j rci ing any oth r po require for th manag ment of petroleum urc and o ration carried out under this et. ( ) he Mini ter. in the th ers and th perfonn n of the duti s f the Minist r pres ribed b this conform with an gen ra] or specific directions i en to th ini. tcr by the abinet. ini ter m . in lati n t any particular matt r or cl matt m ti n I , d legate in writin to an • public offi er or f lhe tal an· of the powers r duti o th Minist r und r th.i t. 4 otwithstandin n d I gati n in c r-dan ( . th 1ini term ' ntinue t erci • n,. po, er or perform an. duty f the ini ·tcr in ccor-dan·c with this et. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 485 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 5) y d legati n under this ·ection and an t d nc in pu uance fthat delegation, ma ma c: ubj l t re th Mini t r. and th deci i n given upon su h re riati n h II b deemed to be lh t f th Mini tcr.

6 Th inister ma , tim d in ~ riling. rev k an., d I ·gati nm d • under thi ·ccti n, ompan may m ppli ati n L th · Mini t r in the form. nd u ~ Cl to lh paym nt of th fee prescribed by the inister by u idiary • tion. or the grant fa - g I gi al ph)' i al pennit under section I b und r s tion 19· l d pipclin perati ns Ii ·n e und r o 6 ; and e g I gical . torag Ii n - for carb n di , ide und r ' cti n 71. ) licence or permit granted to a mpan b the inister p h II be granted ub· ndition as th iinister de ms ,t. ( person wh arrie ut tr leum p rati n with ut a licence or pem1it i sued und r this ClcornmilSan offi nee and hall, n umma on i ti n. Ii le - a) fan indi iduaL l a fin f fif\ n milli n dollar and in th ofa ontinuing fen e.fi milli n d liar da th~ fli n e continues lo elh r with impri run nt or lhre ears: or

486 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 b) in th caseof a c mpany to a m of thirty million dollars and in th case of a continuing offen e ten mi Iii n d Ila th offi n . (4) b re th t=n·e under this • tion has b n committed by ompan and is pr, en to ha e b n mmitted 'th th neglig nc of a director, compan secretary or an other officer o th mpan , r an ho purporting t a t in b pi: a, th mpan . ball be guilt of the offence and that person hall e liable to the same pen lty an indi idual und r thi • Gr. nt of licence. 7. licence granted under chi t. hall be granted the Mini ter through the p of - ompetiti e tend r: r t n the inister, acting n the lions o abin t, determine th t ircumstance exist \:•hi h, in the o liooal inter t or national ecurit , j tify lh u f dir l n gotiation to ranl a lie nee. Pur u l l initrm ,b nti in the oz /le - a) in ite appli ifi in the noti : (b speci the pcri d ...,·thin hich an applic ti n ma b rn· e; nd THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 487 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 c ify the.: nditions ub'ect t , •hi h an pplication ma b made. (3) AA r lb rec ipt of an applicati n und r ubse tion . th Mini t r m • 1 et. r furtb r n otiation, th mo t ubstanti 11 r p nsivc bidder. ( ) An exploration or production licence shall not granted to an applicant in re peel of an ar a hi h i compris d in an e ploration or pr du ti o li 1.:nce!read g nted to a mpan th r than th applicant Qu lifi i n 8. F r the pu ti n 7(2 • th Mini t r haJI pre- noeth crittrf qualification riteria b oti e published in th azell , which may include - ( ) technic 1 qualification criteria, \ hicb ma ary by g graph r atcr d pth; (b} finan ial qualification rit ria comm n urat • ilh lh finan ial resour e n u pet leum peration in rclati n ified blo k • ( uirements related t the ppu nt• and envir nmental polici ; (d) rcquir m nt rel ted pre iou performance th ppli nt in pe leum p rati n in rout o Lh juri. diction o uyana; (e) the requir rnent fi r an appli ant to pr id finan iaJ undertaking forth pa rmcnl of a onu • id:

488 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 t) th award ri ria ma, onsL t of an or all of lhe following 11 e plorati n work c rnmitmcnt· iii th r comm rcial. lim te r ial in tm1.:nt con id rati n" th Mini er m d em fit· and g an ther riteria t.hi Mini ter de m fit. Publication f 9. The Mini t r hall publi h the d f an pplication ti r a pplic tion for lie nee. Ii ence by notice in th az lte. Restriction n . I The Minister hall not grant a licence or permit under thi et person t whoma licen e ma. be r· n th r than ompan . med. Ii n e or nnit ma be granted o two or more companie • th r in any fi rm f joint arrang ment. ( )" re a Ii ensc r th hold r of a permit is con tituted of t\\l' r more c mpanie , the bi igation to b b. erved nd perfi rm d b th lie ·ns or lb hold r of a permit und •r lhi t hall b joint and several ut shalJ without prejudice to any right of ontribution \ hi h ma .. e. i between all or any of tho e c mpani s. Prohibition ain t I I. I g vemrn nt o 1cial or member of Parliam nl r famil n vemment m·ial h-Ol<ling an member of gov mrnent fl1cial r m mber f Parliament hall not int re tin licence. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 489 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 acquire or h Id an legaJ. ·quitable. or beneficial interest in a licen e granted under thi t. 2 person ho contravene mmi IUl ffenc and b ll. n ummary of ten milli n d liar to eth r with imprisonm nt for n ar and an lie nc . interest in a Ii en e or h a uired r h Id hall be forfeited to th ") It shall be a d fen et an p the a cu ed p r n pro e that interest in the Licence s acquired r h ld- (a 'op ration o lav • b before th go ernmen1 official r m mber parliament becam a mmenl fficial r mem r f P rli m nt; r fore the compan as granted Li nee under this l and • ibl after uiring that intcre t in the Ii en e. th p f, or has taken, or i in th process of taking all reasonabl step to disp f that intere ·t in th t li nee. Petroleum . The ini ter may enter int an agreement, not incon istcnt "vith .greemenL thi et. with a compan for - a eh grant of a licence or permi pursuant to ction 6; th onditions lo be in luded in a licen e r p ·rmit granted or ren wed und r this t: an matt r in id ntal t nn t d with paragraph (a) an b).

490 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 n 1 . I Th Mini t r baJI noti m writing, an pplicaol of tb 1 . d th ini ter fi r the grant r r n waJ f a lie n r pcnnit pursuant t section 7. ( ) Wh re th Minist r intends lo grant a lie nee or permit. lh Mini r hall rve a notice n the applic nt o that intention and lh onditi ns subj t to hich th licen e wiJI b granted. and th pplicant h II. in " riling, n li f the of that n ti c, r uch furth r period as the Mini tcr m " heth r the applicant cep th conditi ns of the grant of the licen .

3 Wh re th applicant a cepls th f th grant r renewal of a Ii r rmit in rdan wilh ub ction (2). lh ini r hall i th Ii n c r permit n th s c ndition : Provided that wher the applicant fail t a pt th condition· of th rant r ren waJ of th Ji nee or permit within lb period pecifi din ·ub ·ecti n ). the application hall lapse. licen or permit grant d und r thi . u h ti rm . m b pr cri d b the inister by regulations. 2) The inist r hall. on a ma be practicable after a Ii en r permit h b n grantJ r rene ed under 1hi L. publi h n ti e in th ,a::e11estating th name o the Ii en c r h I er f tb p rmit and lh coordinate f th area in respe t o " hicb th 11enc r p ·rmil rn1• been granted. ill ri hts. 15. i t h h Id r of a Ii en uo \::T this et ~ obtain ancill right required for the purpo • THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 491 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 of e er isin the rights granted by th Ii nee or a petroleum agreement, , hi h m inclu - a right to ente upon land and carry ut petr lcum operaLions; ) n tl usean cupy Ian fi r - (i the constru tion of building • (ii) th in tall Li n and p ration f produ ·ti n faciliti s: m th laying andrnaint n n f pipeIin and t rage infrastru :turc; and ) arryin w rk ma b required or the purpose of th Ii ence or petrol um greem n • d a ri hl li build 11 ds. bri ge , or tory infrastructure or ma required ft petr leum p lions. R, strictioo on 16. thing in thi erci e of rights Ii en e. ( \J b re th doin of any t is prohi it d y any oth r wTinenla , as auth ri ing a Li n t d that t; or b ""here lh d ing f an l i r~ ul ed b an oth r writt, n law, uth ri ing a lie n lo d th l t olhc than in accordan , ilh that rin n lav .

492 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 l to ub idiary legi I lion ma u.nd r thj t. th Minister. Mini ter ma.. b n ti e ·erved on a lie ns e. gi to th Ii n ·ee an ilirection ith l imcrnati nal industry tandards and p to any matter with resp t to thi t and th t dire ti n hall b complied with ilhin th tun ifi d ia th n tice by th Mini t r or, wh re th time within hi h the direction hall be complied ilh i, n t pe ified. with all reasonabl p ed and as often lb oc ion ft r u h mplian ari (2 licens r n ·glccLS, itboul re on ble ea '. t mpl with n di ti n gi en under ub hall be Ii bi , on ummary on iction, t a fin of fi e million dollars and in the c e fa ntinuin fli n e, n milJion d II ad r e ery da th ffi n continues. otwith tanding th under ub cti n the Minister ma cause to be don all or an ofth thing r Lh di 1) d m: and the • and P ns • in urred in doing hall be reco erable b the Minister in the same manner deb du to the tal ma re v red. PARTUJ EXPLOR TlO company may mak n appli a1ion to th Miru t r forth ant permit t carry on g logical, g ph ical and thcr urve s and in e tigati n in u ana hi h in th pinion f tb rcl ant fi r the id ntification of petr leum c ploralfon r. r p du ti n f, um. on ·u h temls and c ndi • th ini ·ter d ems fit THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 493 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17

2 The application shall made in th form and subject t th pa ent o the fi p ribed the Mini ter legi ·lation. (3 ·he terms and condition. referred t rn in lud- lh term fi r hi h the permit is granted: (b the c mmcrc-ialt rm rclat to re enu generated by the licensin of in nnation o uund und r the permit; l nn fi r th suppl lhe Mini ter of infi nnati n lained a ult f an surve auth ri d y the p m1i~ d rt: tricti n , if an. , on th di semin tion t an pers n ther than th Mini ter of an infi nnati n t ined result f lh ·urve or in e tigation; and e) term related to p ment to th emm nt of fee fi r th grant f Lh p rmit

4 Th ini ter ma ' re a p rmit gran () wh r th h Id r o th pennit ntra ene an of the term and Pro ided th t th ini t r ma no r oke a p rmit und r thi tion \ "Lhut fi t notifyin th permit hold r in writing f th hand afli rding hjm a re nabl tim t m d. th h. i hts confcm~d ompan may make an appli ation t the Minister for a b and c n1 rtl f peu-leum petr leum e plorati f◄ rm an mann r nd u ~ t t th exploration Ii n e. pre. rib d

494 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 2) u 1e t t lhi et, the onditions pecifi d in a petr 1eum explo rap tr leum agre m nt, confer on th ticen , th . clusi e right to carry on e ·pi ration operati n in th n:a t \Vhi h th { petr leum p1 rati n li n e hall - ( tale th date f the grant of th Ii nc ; (b i nti Lh area L whi h the Ii •nc rcl te. • c state the conditions ubject t which tb licen e i granted. including tho onditi n which are ne essary to i e effect t an entered into by th Mini ter and th pplicant or th Ii d minimum , pi rati mmitm nt. and pending bli •ation re in th Ii en or petrol um agn m nL otwithstandin subsection , a petrolewn e. ploration licence ma ontain su h other matters as th inister ma d terrnin fi r th purpo e f thi includin , pro ii n 'th re peel t Lh e rci. • b th . Lal, fan ption t a quir . on pr en d t rm and conditions. or on terms to be agr d in the future, an intere in petrolewn production licence. Tern, of petroleum - . I p lr leum xploration lie nee shaJI peci th ~ nn f th e ploration Ii en e. Ii nee and ma provide for an additi nal n n-ren wabl preparato riod. not c, cc.-cdin• i,· months, to enable th Ii e e to ma the n ry preparations to c rry out the e pi rati n µt:r tioru; autb ri ed the licenc . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 495 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 (2 Wh a preparat ry p riod i pro ided ti r in a petrol um pi ration Ii nee pursuantt ub ti n (1 , th t rm fth licen e hall comm ac n the dat the e ·pirati n that pr p rat r p ri d. (3) he Mini ter m re rib • b ~ub idiary I gi 'lali n t.h m ximum t nn fi r a petroleum . ploration li en and an rene al . 4 pon the expiry of the t nn of a petrol um e pluration . the Ii en , uni ncr detcnnined by u:rrcnd c 11tion und r this et. hall ntinu in for p1 f that t nn, an applic lion ha o m de b ti r th t,TCaDlof I urn e ·plorati n Ii n e: r tr I um production licence in relation t th area to and until th m II det rmined b the ini ti r r th lap r a petrol um plorati n li nc in re fan ar a m hi h petrol um h n disco r d cea e to be in ti re ofth e pirati n fth t nn of th lie n e. th Ii d termined r can llation under thi et, ntinue t tn ti r until- mmer iaJ interes erved pur ·uant LO idcd fi r in a etr leum a re ment until th greement fi r • rving that notic . whi h

496 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 (b a de ision is mad b th Mini t r in r I li n to a p apprai al pr gramm pur uant t tion 27; c) a dcci i n mad b the Minist r in rel tion to an application th li ensee for the retention o the di cry p uantto tion 29· d a decision m de b th Mini ter in r I tion t an applicati n pursuant t ' tion ) fi r the tension f time t d clare mmerciality and mak an applicati n fi r pr du tion Ii en tion _: and a d i i n i m de b , the Mini t r in relat:i n to an, other application pending his approval.

6 If an appraisal programme submitted b the Ii ensee pursuant to tion 7 is pp d th • 'ni ·l r. the petrol um , ·plorati n licen r lating t the di very ar that uld c hall. uni s on r d termin d by surrend r or can llation under thi et, ontinu in fo in spect f lh di ptry f.- a the appr isaJ period p ifi d in th li n e or th petroleum agreement: and )an further ri d all wed b th Mini ter un r lfon

3 (

7 Where an ap Ii at ion fi r rctcnli n of the di 'CO ery submitted b th Ii en pur: uant to ection ppro ed b the Mini ter. th pe leum e plomtion Ii n r I tin 1 t th ry are th t ouJ otheN-i eas to be in fore shall. d tennin d by ·urn.:nd'r r cane Uation und r th.i cL ontinuc in f in p L f THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 497 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 th disco ery area until th e ·piry of the retention period pre eribed in th lie n e or petroleum agreement. 21. 1 heh lder petr um ~pi rati n Ii en . hall m t II th f rk an r in rcl Li n 1 . th c ration ar a - a r th minimum w rk pr gramm and e penditure tipulat din 1h li n or th p rrol um agre ment; and of o h annual work programme and e penditurc n ( ). (2 The h ldcr of pctr I um c pi rati n licen e hall ubmil to th Mini. tcr Ii r appro al no l ter th ixt da before the date of the anni rsar of the licen e in Wl year of the date of the grant f t-he Ii en e. d tail d and a equat annu I work r gramm with re peel to work and ,~1JenditureI be arricd ut r m de in th oUowingca1 n r year. ere uir menl in sub eclion 2 o an adequate pr gramm with rk nd expenditure shall deem d to h c en m t wh re Lh pro ramme submitted pursuant to that ·ub ·c ti n i c n i. t nt with the nditi n or requirements relatin t w rk and e penditu:re ont ·ned in a Ii en e r petroleum agreem nt. 4 1e Mini t r may, n lh \\Tinen ppli tion of th h lder petr leum ·pi ration lie n e and in writing, eonditionaJI r un nditi nail.. am nd n r quirement under ubse ti n

1 (b).

498 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 f th ini tcr and for d cause, amend th details f any -. ork programm and xpenditu \ hich h i • required under ubsection 0 ( I b to rry ut or make: Provid d that- a the licensee hall gi e written noti e to the Minister of th d tail f th am ndment and th re n fi r the amendment; and (b) no am ndment hall have e e t o as to redu lh minimum II w rk pr gramrn and expenditure to be carri out or m d during the tenn of the petroleum e plorati n licen e. tr l um , pi n Ii en uui n part ofth • requirement ilh P ·p"c to - a or and expenditure tipulated in I.heIi n or petr I um a reement; or b) ork programrn and budget ubmined b him pursuant t u section -), th rele ant penalty in the licenc or in the p tr leum a r m nt hall appl . ppli ion f; r -2. ubj et to this et, the holder f petrol um pi ration liccnc rene I f perrole1 ma • appl fi r the ren I of the Ii nc . in a cordance with regulati n c: ploration licence. pr ribed b the Mini ter. Renewal f al of petroleum a p•tml um e. pi rati n Licen up n appli ti n mad under se ti n 2_. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 499 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 e ploration whi h ren \ al hall be th t rm nd ndition are Ii en e. I nnin d by th Minister t be n sary t g.i ffect thi et, th Ii en e nd, here applicable th term of the petroleum agreem m. 2) ubject to sub ti n (3 . the Mfoister hall refuse to grant rcn • al of a petrol ·um c plorati n licence if th • lie n e i in d fault f 1h licence or petroleum agreem nt uni th Ministeris of th opinion that ·peci I ircum tanc i t which in the nation I int re justif th granting the renewal notwith landing the de ault. 3) t to sub ti n 4 th Mini t.cr hall nor r fu to grant the rcn v •al o petroleum e plomtion lie nee under ub unl a) th ini tcr h gi en t fan intenti n to do so- (i iving in th noti particulars o th ground fi r th int n d refu I; nd (ii p cifyin" in th n ti ea reruon hie tim v ithin which the 1i ense ma take appropria r remedyin the dcf: ult r make representations in rel ri n th default: and fails to comp! , ·th tb n ti . {4) TI1 iiini l ·r hall rant the ren waJpu uant to ·ub lion ), wh re th licen eh • within th time pre cri din su ·ecti n i) rem icd th default: or

500 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 u wh re lb d fault ann t b m died, paid to the tate mpensation in re! ti n to the default; or iii ntati n in rel ti n t th default and the Minister i ti fi d ith r that there i no I n rad fault r that there arc ad quat rea on or the ailure on the part f th appli ant to remed the default. Relinqoi hment r _4, ( I ub' t t re ulation prescribed by the tinister for the area upon renewal. lcume pl ration licen e. Ii e e ma requiredt r Jin ui h- a a portion of the area first licen ed as a c ndition for the first renewal of th trol um c ploration lie nee; or a portion of th remaining Li need area fi r ub ucnt ren f th petr I um e. pi ration Ii nc .

2 For the purpo e d tennining the portion of the licensed ar~a un er ub ection l(a an (b, a disco ery area , eluded from the plorati n area pu uan t or I 2 an any dj v ry area i tin in th pi ration area at tb dat n bi h th appli ati n fur the rene al i made hall n it be con idered..

3 The bi ks in r to hich an appli tion forth rene al f a p n leum , pi rati made under subs tion hall. ubje t to gulati n the Minist r. u h as t en. ure that th con titute a continu u r THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 501 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 Di o c:ryof 25. Wh fi xplorati n operati r ult in a ery, the petroleum. hall immedi tely inform the ini r, in writing, f the ubje t t thj et, a li nee or petroleum agreem nt. the tic ns hall- a ubmit to the fini. ter, parti ular f th tep the licens ......... ...,...,..,,.,. l th di o ery; • nduct the t ts pecified in para raph a and ubmit t th Minist r the evaluated re ult (c ubmit t th 'ni t r or ppr al lb t ps to be taken. and th tim lin in which th t: ·teps " ill be taken to ertain th quanti of the petroleum in th tr leum r rv ir l hich the di within the Ii ence area and in n dja m pen Pro ided that the Ii n e ma amendmen to the submissi n for appro al: and (d carry out the l p pe ili din paragraph d ~ app ed and immediate! ubmit the re ults t the Mini ter. 3) l um h lh Mini ter ma n ti in wrilin, and ' rv d nth li en' , di th Ii en c ubmit in iting. ithin th ·ified in Lhc n tice. parti ular • -

502 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 the cherni al compo iti n and ph ' ical pr p rti f lh petr l um· (ii lh tr tigraphical p iti n an d pth f th di. c ery; and (iii an other matters relating t the i covery rhat are sp ified b th Mini ter in the notic ; and b) to do, " ·1hin th period p ified in th notic , all oth r thin th Mini r c n id r n e sary t certain th hemical comp itioa and ph ic 1 pro rtie of th petroleum di o erect alu t d t t result in rel tion to a di co ery of petroleum " ithin an e plorati n area commerci I ime t. under ction , the lie-en hall serve on the ini tcr a ting r I n L in the pinion of th , f t ntiaJ comm r iaJ int l. I. 7. I Wh re th noti erved under s tion 26 states that the di. ov of pet l um i , in th pini n f th lie ns . f potential c mme ial int t. the Ii ense m . within • m nth unless the Li enc i ooner detem1ined b surren er or c llation und r thi et submit to the inister for p ro aJ an rai al pr gramme to be carried ut \ ·thin a period pe itied in the Ii nc . or the p t lcum grc mcnt. ) The appraisal pr gramme h JI carried ut fi r the purp of ing th feasibility of the r th rodu ·ti n f p ·tr leum in the disco l')' nt in perati n Lhat ·ill en bi the Ii en THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 503 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 lh onstitute a ommercial di o ery. Th ini er ma . b n tice rved n th licen e. ppro e or modifi ation.s to th appraisal programme ubmitted under cti n 1 . l ith 'tanding lh . the Mini tcr ma . b notice ed on the licen ec. dire t th li nsee carry out within a riod sp ified in th o tic , an lh r inv ti ati n and tudie the Mini er con id appr priate for the purpos of subsections I) and mit t th Mini ter the re rts anal i and data re ulting from the inve tigations and tudi arried ut uod r lhi ti a as lh • Mini Lerma r quire. Discoveryof 28. notific th ini tcr under pe leum ofn potenti l trot um in th e plomtion area is not. in th opinion f commc ial int rest. the Ii ensee of potential commercial intcrc l then tb ini c rm ithin fr m th date n hi h th notic is rved on th Mini tcr. dir tb n ti in writing and rved nth Ii nee hall to ha ffi 1 ithin th period sp ificd in th notic . ( } The fini er hall n t gi a dfr cti n under ub e tion I unJ

504 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 a th 'ni t r ha giv n t th Ii os an tic fim nti n iv th · dire tion· th Mini t r h pecifi d in the nori e a r nabl tim v.ithin hi h th Ii en ma mak pre ntation ~ ith pc t t th noti e f intention and th licensee fail d to compl with the notic ; and on e id nee a ·ailable to the Minister and aft r taking into account an representation made b the licens e under para raph (b i f th opini n that lb di • ov ry is of p tential commercial intere t Retemion of . I If a di o ery petroleum i c nsidered b the licen n t di ery. t, be f potential comme ial interest at the tim of the disco ery but is likcl to be commercial within fiw ears of tb notic of di· ·o ery rv d uod r appli ti n t tb Mini ·tcr. in the form and manner and 'ubject to the payments of the fee as pre crib d b • th ini t r b re ulati n r th ram fan authori tion 2 auth ri d on the t rm and nditi n th inister con ide n e ary and in ordan 'th th t rm and conditi ul in the e ploration licence or the petroleum eement. ( twith anding ub ti n ( . th grant of an authori ti n und r this section shall h nditi n I up n th lie nse undertakfog tudie and work t c t bli h h c mmerciali f th di THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 505 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 mmerci I 30. ( I ubj t to sub 3 . lh licensee hall submit a di co ry. d cl ration t th •ni ·t r, ithin th appro ed p rai al in Lh Ii en r pclr I um gr ment pursuant t wheth r or n t in the opinion of th licen the di very co ·tilute • a mm r i l di co ry. (- Whcr th lie.en e d clare • that Lh di co ery doe n t constitute a mm rcial discovery, th . pi rati ha lli t in re peel of the di cove area t\ el month fr m th date of th de laration mad under thi ( Pri r to the e pirati n f th apprai al p ri d a ppr ed und r m m an appHcati n th Mini 'l r in th grant fan e .:tensionof tim 10 make f c mmerciali and I appl r th grant fa p tr leum produ ti n Ii Provided that the Minister may nly grant th e .:tensionwhere th Mini tcr beli that th re r ri r granlin th e tension and for a period of time etecmined by the Minister to be re na le in th ircum tan urrender I. I Th· h Id r of p 1r I um e pi ration licen m at an pi Ii n 11T time. \! hil 1h lie nc-: i io force. urrend1.:ran in the b gi ing noti e to the Minist r the inlenli n t urrendcr the bi th m nth pri rt Lhatsurr nd r. tion ( 1 prejudi • t an, oblig Ii n in urr h the h lder o th p troleum

506 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 ration in re p et f th area t be urrendered pri r to the date o th surrender. ( ) ub' et co the petroleum e. plor tl n licen e r pctr I um gre m nt. an bi k surrend red und r ub ecti n {I , unle th Minister oth rwi e su h to nsure that the r ma.ining pi 4) Wh bl k i urrcnd red und r pctr I um ploration Ii n c n m d hall c t ha e effc t \ ith re p et to that block fr m the date of the urrender. P RTI D LOP NT D PRODUCTIO ppli arion or who h mad d Jarati n of mm rcial petmleum pr du 1i n Ii en e, di co under ction 0 hile petr leum e pi ration Ii nc I in fi CCC m . pri r to th nd f lh praj I ri d. ili ·d in the licence or the petroleum agr mentor within uch further peri d a ma be II wed b th Mini cLi n, pply fi r tb grant of a petroleum produ ti n lie n c in re f n di ry rca h wn t ntain a petroleum res rvoir or part of a p troleum re. ervoir that can be d and produ d mm rciaJI . ) I th · h I er of p tr leum ' pi ration lie nee fails , ithin th period specified in su r \ ilhin u h furth r peri d as the iru t r may allow, t appl ~ r a petr leum producti n licen in respe t o the wh le or part f the di o ar a th ini tcr ma . n ti THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 507 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ed D th l in respect f th di v ry area within twcl e m nlhs of then tic . 3) n are in which a n mad b be n urrend red th ini l r may oli it application or pctr lcum production licences b me n f- a ompetiti e tender· or b) dir l n gotiati n. 4) applicant for a petr I um produ ti n Li n und r ub tions 3 shall meet th qualification criteria an oth r t rms and conditi n pr ribed b regulati fa mpetiti e ten er. publi bed in l.h Guzelle.

5 Notwithstanding ·ub ction 4). an application ii r a pet leum p u tion licen under this tion ·hall a mpanicd a fieJ de eloprn nt plan fi r th n e ·ta Ii hment nd operati n f all iliti and ic fi r. and in id ntal t the d lopm at, produ ti n, p ssing storag and tran portation f p trol um rom the d pr ducti n area. (6 Whcr a Ii cnsee d e not submit a field de cl pmc.:ntplan pursu nt t . ub. tion 5) and th Minist r has n t ·tended th time limit r th u mi ion f th plan, the di c urrend red Gran1ofpecroleum . ubj t to tion 34, h re an ppli ati n i m d und r lion productionIi en . _ 1 f r petrol um produ ti n Ii n . th Mini ter ma grant lh

508 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 lie nee. on uch onditi ns the Mini ter dctennin re n cessary to gi e ffe t t thi Act. R triction petroleum produ tion licence sbaU not be granted to an grantof petroleum produ tion Ii nee. applicant uo1 a th fi Id devel pment plan propo by the applicant would ensure the m t ffi i at d l pm nt.. pr; ducti n an nefi i 1 u f th commercial di co (b th applicant has adequate financial resources and technical and industrial corn t ll and c peri1.:nc t n fli ti e produ tion peration • and illing lo ompl with the nditi n. be rant d· et o.18 of _021. (d the plan of h applicant or I ntent are in c mplian e with the al C nt nl et· (e the ex rei e of an option i en to the late und r section t ( are complied ith to th sati fa tion of th Mini tcr· t) the plan tak in ccount l international industry standards and practice ; and (g wh r tb • applicant i • in d •fault. th ini ·ter det rmin that pc iaJ ir um tan e. i t whi h •u tify th rantin , f th Ii en n twithstanding th d uh. Tb MLni l ·r hal I o I fuse an application under ction ~ for che grant of a p trol um pr u ti n licen uni THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 509 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 a the applicant i erved ~ th a notice that the are in default 0 under this t or an. licen e b'Tantedl th ppli ant~ b) th Mini ter b gi n lb pplicant t.ating th particular of r und of th int nd d fu I, an al o ·tatinga re date within whi h - i) tbe appli nt ma make pre ntations in respect of th grounds tated~ or ii where the applicant i in default or Lh pr po I m ~ by th applicant require wnendment. 'th lipplicant ma r med the d fault r amend Lh p po l : and th applicant h n t, " ithin the d te iii d in th notice under paragraph made any representation r otherwi d alt with th 11 in lh referred to in paragraph me ied lh d fault or amended th propo ·al·. Contco of 35. 1) p trolcum produ 1i n liQ:n e. (a ·hall- st.at lh d t f lh grant r the licen e: (ii identi the block to wbi ·h th liccnc rclat ; and iii at th conditions subje l l hi h the licence i granted; and

510 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 may c nlain ·uch the fini t r may dct rmine or the purposes o subse tion 2) or for any oth r purpo• of thi • l. 2) pelrOleumprodu ti n Ii nc~m includ - a pro isi n with respe t to the du of the lie n to suppl pe I um, t the e tent ifi d in th licen . meet th requirementsof Guyana· and b) conditions ith respect L th di. posal r ale of pe leum reco red in tb vdopm nt and produ tion area. Ri h nth ubj et onferred b perroleum to thi t and the condition pecified in the Ii enc r the petroleum production licenc~- agreement e clusi e right to-- a carry n d velopm nt and produ tion perati n in th d elopm nt and pr ducti n rea; • ·LIor oth~rwi • di po-, of p trol wn reco ered· and ( carry on such operations and e e ute . u h \: r in the de elo m nt an p du ti n a ar nece ary for or in onne ti n with. an matter re erred to in paragraph a or (b). T nn ofpccrol um 7. (I pet leum pr ducti n Licea e. unle s productionIi enc . urr nd r or ancellation und r this t, hall a or a peri ear fr m th date of the rrant of 1 the Ii en • \: h n: the corn.me ial dis over,· r late, to an ii field: THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 511 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 r a period of thirt ars r m tb dat fthe grant of th Ii en wher th commer ial di. n tural fi I ; (c or any period r hi b th Ii nc r ne\ ed under • tion 9; and ran peri ecti n cwith tanding lh pu-y of the term o a pe I um pr u rion licence, the Ii en e haJl. unl on r tennin d by t. continue in Ii rce in r pe t f lh d el pment an p \ 'here an pplication has been mad fi r th grant or r new J of th licence in re pe l of that I k. until- a th Mini ter mak d b the pplicati n lapse . n ri r 8. h lder fa petroleum pr du Lion licen c may appl fi r th • ren al f tb lie nee in ordan with the Regulation· . . I ubject an . o ppli atjoo m d un r section 38. the inister ma grant a renewal of the licence on such c ndi ·on ash m fiL n rec ipt of an ppli ti n for ren ·al in a c rdanc with wh re in th opinion o th Mini ·t raft bi • I circum t • i h, in the nati nal int the f th petr I um pr du ti n licen prior to Lbe at it

512 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 pirati n. the Mini ter ma grant the rene, at an time durin th Ii en e p riod. C The inister shall refuse to grant a rene al o a petroleum pr duction licence h re th Ii nse is in defaulL unless in the opinion o th Mini ·t r. ft r nsultali n itb abin L p iaJ ircum tan i t whi h, in th nati oal int re t, ju tif lh granting of h ren n twithstanding the defauJL (4 rene al f a petroleum producti n li~ence granted und r thi ·tion shall take effect up n th e pirati n of the u i ting petrol um produ tion licence. Th pcri d I um production licence ma be renew d hall not d ten ears. urrcndcr of 40. 1) licensee may mak an appli ti n, in th fi rm and mann r petroleum r n e. pr n d b r gulations. to urrender the producti n area ubje t petrol um p du ti n Ii enc . n t le than tv el e months before the dat on hi h th Ii n ee im nd th1: urrend r t tak efie t. ( tat th dat n hicb th applicant intend the urrend r t h ffi c1: identi .. the p du ti n ar · t be urrendered; THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 513 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 gj e particul arri ut in e the Iicen w granted r J L ren wed \i hich er th latt r· upport d b u h rec rds and reports in relation 10 the ti iti i n •fi d in paragraph th ini ler ma require~ c) be upp rted b a d commi ning plan in rdan ith Part IX. etion 4 . n the grant fan ppli ti nm de under subs lion 1 , the:Minist r shall i sue ad d f urrend r. ith r unc nditionally or ubj et uch nditi ns r latin afet and internati n I industry tandard and pr ti e ma b pecified in the deed.

4 The Mini ·t r hall not i ·ue a d ed ur-r n er - a to an applicant who i in default; ) to an applicant h fail. to c mpl with an requir ment f th Mini f ubsecti o ( d); r unle th provisions f Part ar arried out t lh here the Minist r gran n appli tion or the i ue of n d i t Iy can I th Ii nc and uc the d d of urrender.

514 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023

6 Th surrender of a produ tion area hall not negate an Ii bili of th Ii en e in urred b fi re th d l n whi h lh ·urrender take effi and an legal pro eding that ma ha e been c mmen d or ntinued against that lie nse . P RTV LLA 10 JE RE C ccllation. 41. l ubject to this section and section 42. here a licen ee i in d faulc th Mini d on the licensee, cancel the n th • gr und f d fault unJ ( th Mini li r has given to th Li ense the inter1ti n cl the licen • • on th ground of the fault; b hich the li ens e ma •• in writing, u mit an repre entati n hich the Ii n wi h • the inister to c n ider.and lh Minister in c nsult tion ith lhi.; bin l, h ta en an acti n n b ground r. ,1,,·hr • th d fault cann t rem di • , an ffi r b the licensee 10 the Minister o ad u ti.; mp,.m• tion in 11 pc t o the d f: uh and an THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 515 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 a tion b the licen ee to prt=vent the recurrence of imilar grounds of d J1ulr· and ii) any repr ntati n submitted to the Minist"r by the 1icen. e pu uant to paragraph b .

3 Th Minister hall not cane~! a licenc und r ubs ction 1) n the ground that th liccn c b fail d t pa any amount payabl him und r thi t. the liccnc or petroleum agreement if be r the dat r fi rred t in th n ti under ubsection 2 p th amount, t geth r dditional amount \! hich m be p yabl Mini ter m y by notice erved n a Iicen. anc Ith li enc - ) wh re th ompwty i adjud ed in I ent; r b an ord r i made or a re lution i d windin u lh affair of the compan : Provided that the Minister hall not cancel th liccn if the inding up i forth purpo. fa m rger and the ini ter h c n ented t the m rger r t fi r the purpo e f stru turing and th ini t r has n g1 n n tic of and ppr v d th pr p d r tru luring. ) u~ t t the pr i ion of a pelt lcum reem nt. wher tw r more ompanics joinLly constitut1.:a Ii • a.sec, th • iaister 'hall not ·an el the lie nc under sub ction 4) in relation to onl 1 ne or ome the ompanie onstituting the licensee. if th remaining compan or

516 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 c mpani ati fies the Minister that the c mpan i . or th companies ar . able to carry out the dutie and blig ti n of th Ii en 6 b 1ni ter hall. on th appli lion in trum nt, th petr leum produ tion licen • f Lh lie 'OS r in relation ~ an bi k n su h onditions th Mini ter ma pe i in the instrument (7 o the can ellation of a lie nee, tb right of th lie nsee und r th haUceas , but th • ancellation h II not affi t an Ii biLit incurred by th lie ns befor th caacellati n and an le I pt\ ding that m ha mm n ed r c ntinued again t the licen e n twithstanding th ancellation fth lie n e. Fore~ majeure. 42. l f: Hu.reon th part of Licen ee to fulfil an condition f the lie nc or to m t an requirem nt f thi l r a petrol um agreement shaJI not be a br eh of th lie n , this et r th agreement. t the e. tent th t th ilur ul rru or an e ceptional, in ilable and irre i tiblc natural ph nom non, or r m any th r caus pie nc or p tr leum a reem nt as c nstituting orce nwjeure r the pu thi • ction. ( here a licensee tail to fulfil an of th conditio f th f th o urrcn e of a kind referred to in iting giving pan:icular f the nilure and it ,au . ere a Ii n e i' pre ented from f th right under the lie n e fi r an period 'Cause of the o urren o THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 517 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ircumstances fa kind reti rr d t in ub tion ( 1 . then u h a ditional pcri d, • ma be determin d b the Minister . hall dd t th t nn ofth Ii n e.

4 The licensee hall provide an further informari n that th Mini t r ma r qu l l mak cl t nnirustion under ub·ection 3). - The Minist r ma refu ddition fan peri th t rm f th li Lakins 0 r sonabl st p hich ere ised tho e rights during that period n twith nding an u h urren . Thi tion hall n t appl in r: lati n t failure t m tan blig ti r a p tro!eum agrc m nL t mak • any payment of royalt , annual harg or fe . Deli\lcry o data 43. Where a Ii en e or p rmit i can ell . urrend red. or c pires after can ellation, urrend r or expiry Lh per n wh " • th li en f Lh p rmit imm di t ly oflic nee r pennit. b fore th cane llation, surrender, or piration of th lie nee r permit . hall imm diatcl deli er to th inistcr, in a mann r p ribed by r ·gulatio - ( all record b all plan. or maps of th Ii ence area; ( all tape . diagrams, p o the Ucenc area; and ( an um nt s Lh Mini t, r ma by n ti e require th Ii en e to eliver.

518 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 P RTVl 10 nitisa1i n. 44. I Wher a petr I um reservoir di co ered in a li area e tends beyond th boundari of th He nsed are into on or more Ii en d ar f th r Ii en ee , the Minister m , fi r th purpo f en. uring optimum rc"n"'"~ and d elopment o th petr I um and prote tion f th ec<>nomicinterest· of the ta . dirc.-ctb holder f lb' re p ti th t erlay th pct.r leum re IV ir t nt r int a unitisation agreement to o rdinate de elopment and production of the re ·ervoir as ·ingl unil Upon djsco ery of the o erla of the petroleum reservoir under ·ub • ·cti n l , th Ii 'n • ·e that di crcd lb o ·rla haU n tif the Mini t r o the exi ten of uch re ervoir within a period t b pre ri d y the The n tic shaU include a te hnical report f th ge I gi rv ir, and an tudi interpretations and well data that hel d d tennine the undari of th re rv ir. (4 p n receipt of the noti c under . ubs lion 2 the ini ·t ·r . hall n tif lhc h Id f th rlay th petroleum re rvoir of the extent f the nt r into a unhi tion agreement pursuant to ub. tion (1 .

5 Th tion 4 haJI fi r lh tim rea nab! 6 r the hold rs f th • r • THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 519 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 re~ h a mutuaJJ ptabl agreement for the de el pm nt f the re ir a ingle unit d hall b submitted to, and pp v d b the Mini tcr: Pr id d th t th Minister hall not appro uniti ti n gri m nt ubmitted b the licens v h re lh ini t r n idcr th r ment t be inconsi t nt with th l (6) ailure to ubmit unitisation agreement und r subsection (5) ma r uh in the Mini t r establishing the terms and conditions under hi h uniti ati n h LIbe ndu led. 7) Wh1.:rcth holder fa p tr lcum licence identifi a re. ervoir that e l nd nd t.h undari of the licenc area, into an unlicens d area within th national territory. the Minister ma su mit an pplication t th that contains part ...,.~•~nir id ntifi d b th Ii und r thi ub cti n. Cro s-border 45. 1 \ here a petroleum re e oir extend into the territory of a uniti tion, nci h unn t te. the er in con ultati n ...vith the abinet, ma engage in di go rnment of th n ighbouring tat fi r th unitisation of the cro -border petroleum res rvoir. ( ) When negoti ting a cro -b rder uniti tj n tn: t with n igh tat th up n • n ult ti n with the lie n hold r. ma , to a limited e. t nt. under confidential it agre m nt. inf nnati n out the er - rder re· rv ir or g lo i al Slru tur that ma_ e c n idered confidential tm er thi Cl

520 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 nd lh re pe tive p tr leum agreement. to enabl th d t nnination of tra t particip tl n. ubmi t th Mini r. lr I um data t i t with the cro bor r re ir d t nnin ti n tra l arti ip ti n. 4) o uniti ation em nt hall be nt red b twc1.:nthe lie ee and h ld r o right t the ro th until a uniti ti n tr a th go mm nt Guyan and th o ighb urio wb pan of th troleum r • rvoir t ad .

5 Wh re right to th - rdrpt I urn re rvir h Id the am h th idc f th border. th Mfoi t r h II e an in uila l all urce on the p rtion of tb r ir und rlyin the n Li nal t rriL r f Gu n _ 6) Pursuant to subsecti n (5 , the Minister m iro ti n to th licen imm hare II data. int rpr tation and stu ies rel t d to the di of the cro -bord r reservoir and id an und rta ing L refrain from developin the rti n f lhe r rvoir that e. t nds into the t rrit ry f a n ighb uring tate until a er treaty nt red int pe ti te . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 521 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 P RTVO REV N E AND FIN N lALG Rental. Th h ld r f a petroleum e pi rati n Ii n r petrol um agreement., pa annuall. t th r th pi rati n or appr i ,a1area. _ Th am unl of th rental hall be pecified in th Ii en e r p tr leum agre m nl. ( ) Th licens e shall pay the rental on - ) lh efTi Li lh p trol um pi rati and (b) a h anni dat f lh pi bile it i in fi rce. on 4 7. I The Mioist r ma ' conclition the granl a pt:lr leum e I rati n Ii n • u n payment fa ignaturc nus a licen e. 2 her a n • • i ' granted through m titi c tender the minimum alu f th rure nus hall be e t bli hcd in lh n Li a pctr I um c. pi ti n Ii n c i grunted thr ugh dir et n gotiati nth valu of the bonu i the amount re ulting from the negotiation proc ss.

522 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023

4 Th ignature bonus shall not be c l re ble. Retenti n 4 . ere lh Mini r app o ap lication fi r retention o a di cove und r ccti n hall, in 11! rdan e \ 'th th licen e r p trol um a m nt. pa annuall t the tate a r ten ion fee for the period of th retention of a di c ery. Th licensee hall pa th r tention n- a the date of the appro\'W the Mini ter of an applicati n for retention of a di· ·overy· and {b) on eacb anni rsary d t tention p ri whil th r tain the di. Ro lty. 49. (I 'ubject to this et. Ii ball p t th te. in rdan ith thi t, th Ii en ra m Ol, r y It in t f the gr petrol um produced in the production are refcrcn e to ·payment' h 11be constru d as re eren t deli ery o tit p trol um and cognat xpressions shall be constru d accorctingl . r fa p lr I um produ tion lie n fai to pa an roy It du ~ the tate b lh du dat , r an furth r tim allowed b th Mini ter, the Mini ter may, by notice erved n the Ii n e. pr hibit th remo al fan petrol um om the produ tion area th r pr du ti n ar ubj tt a Ii en h Id b . until all u tan in royalty in arrears h • been paid in I i e of intere. ac ru d or until an arran em ot h be n made. and accepted b • th inister. ~ r the p nt f the r in arrcar . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 523 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17

4 Re el" nee to •·interest'· in u e ppli data rat of i per enc per annum uol ribed b the Minister. } n p ontra n a n ti und r ub lion 'hall b guilt ' fan offence and hall n umma on iction be liabl l a fin of l'wenty mitli n d liar- tog th ·r with impriwnrn nt for lhr ars. 0. I} he ini t r ma. . n applicati n of a Ii , nd after roy lty. con ultati n itb the Mini er i ned re' fi r financ •. b rd r ) remit, in r in part. an ro ·alt pa abl b th licen ; or ) defer paym nt of n r It y th lice n su h n ili ns as I.hi Minister may ·pecify in th rder. r 5 I. l Ro alty payable pursuant t . 0 n 49 i a debt due to the tat . ) rtifi ate b the Mini 'ter certif ing that a sp ifie<l am unt r alt or penalty i pa able b a Ii ensee identified in the certificate hall. in any proceedin~s taken a ain t that Ii en e ti r the r penah}'. b re f that a l. but ·lh ut pr judice to lb right to adduc c id n e in rebuttal. pn e f the petroleum pa r yalt c m ut d in the ben hmark pr . rib din a licen e or petroleum agreem m n the date n \ hi ·h the royah eeame payable nd any pen h pa abl under

524 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 ·cti n4 on ace unt th failure t pa th ro, lty b th dat n which it came payable. ma be c red in a c-0rdan with ub tion and ). thi ecti n ball b "thout preju ic an ther pro i ion of this et raining fee. 5 . 1 petrol um e plorntion, petroleum production licenc . or petroleum greem at b Jl p id fi r th . nnual pa m nt f training ee during the period o the Ii nc or 2) Th training fee hall not b t re v rable. Financi I upport . I) petroleum e pl rati a licence, petroleum pro<lucti n li l!ll c fi r em•ironm1:ntal nd i r projec . r petroleum agre ment ma , require a lie to pr gr mm f fin n ial up n fi r envir nm n al. o ial and oth r p ~ect. to b fund d b • the Ii ) e Ii ence or petroleum agreement shall establish the terms f the pr ramm and the am unl f finuncialc ntri uti n payabl the licen in nci t 4. I c ini lcr ma qui uran a appears assuran e. appropriate to the ini ter to en ure th t a Ii n mplie ith thi et, th Ii enc r t leum arr m nt. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 525 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ln thi tion, ·'financial uran ·• mean on or more of the fi llov.in pe ifi d or, wh re applicable, petroleum gremni- a c h: b a lett r f er dit from a bank. in th am unt and n term a ptabl • t th Minister: c) a guaram in th nn. n th te nd in th am unt a eptable to the Mini t r fr m ny pe o h e I ng-term un ur d bligation are rated equal! itb a bank b an int mational ly d) ll performance b nd in the fonn and n term a c ptable t th Mini ·t r. PART 111 APPLICATlO OF LAW pplication of tax 55. The Mini ter as i ed r financ ma , y order la s. ubje affi rmali e reso l uti n mbl . dire t that th C'ap. 81:01 In me ru aJue ddcd p. 81:0 ap. 1:0 b II appl t . r in relation to. Ii en ubj t t u h m difi ations and qualificati n a ma be sp i.fied in lh ord ·r. ( Th Ji en hall be e, • mpt from - ·ap. 81:21 Cap. 1:20 (a) the Prop rt. a, A 1; nd th apitaJ Gain Ta: t

526 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 PAR lX DE OMMl 10 Dec mmi ioning . ·oil wing th e pi ration. surrender. or terminati n of a petroleum lig ti n, pi rati n or pr du ti n Ii n e und r thi. . ti n f petr I um operation in an ar a. lh Ii en r pon i le fi r - a) the remo al or all propert used in petr I um pcrati n from th afii tcd area u • t to an arrangcmen for future use of an prop rt under an appro ed decommi • ioning plan; and { rem i te the affected area m accordanc with best intemati naJ indu try ·tand r Decommi5 i nin 57. t e Ii en e hall . ubmit to the Mini ter for approval a plan and udgct. propo ed de ommi i ning plan and budg!!l- a n later than t, o ears before thee pimtionof a petroleum plorati n Ii en . r th rclin ui hmcnt fa art of th Ii nee are • n later than C\ ears bef1 re the anticipated ce ati n f _) Where the petrol um e ploration li a e or petroleum production Ii en i d t rmin b urrender or ancellation under thi cl earlier than it • hcuuled e, pirali n d h:, th Ii ·ensee shall submit to th Minister d omrni ioning plan and budg t n l kr th nin t da • after th d t nnination of lh Lie nee. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 527 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 otwithstandio th requirem at of ction 5 b th bold r of a petroleum production licence hall ubmit a preliminary d plan part f the d pm nt plan approv y lh Mini l 'r when granting th petr leurn p uction Ii ·en under ecti n 2. C n1en1 f I) preliminary decommi ionin and a e omm1 ning plan de ommi ·i ing pl a. under tion 57 ma includ optio r th - com lctc and total rem al f all :vells. f: iliti lS used in th condu t of petrol um op r. tions; (b partial removal remo al in pla . or d commi ioning f offshore platform and other facilitie for use as fs or or an oth r ap lica I purp rcus f Lh facilit fi r in petroleum op rati n n; r d hcmati u e f petr J um infra tru tur fir purpo • th r than petroleum rati ns. preliminary decommi 1orung plan ·ubmitt l the Niini t r fi r appr v I under a a d tail d d ripti n mmi i ning erati ns t und rtaken y th b a de ripti n f th pr f rem aJ and disp sal:

528 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 (c) an anal ·is f aJtemati e rem \ial and di po J m th s c n 'id red in reparin tb plan in ludin cost e timat and the rationale for sele ting th prefi rred m thod : C p._0:05 d an en ir, run ntal imp • e m nt in c mplian ith nvironm ntal Pr tc ti n et· and n other m tt r that ma b pr ribed b regulation or direction of the Mini ter. 9. 1 Th ini.5ter haJI make deci ion n h th r to app e conditional! appro e. r reject a omm1 ioning plan u mitte b th old r o an , plorati n li ·n r p ducti n lie 11! und r secti n ·7. ) The Mini ·tcr, in m in a dcci i n wh ·th 'r to ap c.: r re·c.-ct d mmj i ning plan. hall onsid r - a af◄ t and technical and conomi pect : (d I pm nt of oth r petrol um operation . or urce of n rgy· e impact on local communitie • fi h ries and agricultur : w1d (f) other n ti nal imer ) Whc Lh Mini ti r rej ·ts ad ommissioning plan ubmined . the holder f a petrol um e pi rati n or pr u tion Ii nee. the Mini t r hall sen,e n ti on the Ii en. e p iding the , •m for THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 529 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 rej tion of th plan and dir ting the licen ee t re ubmit a ne, or am nd d d ommissioning plan in ordan ith the onditi ns and t nn in luded in the notic . Temporaryand 0.(1) The h ldi.::r fan e pi rati n r producti n Ii en hall pe11T1nem abandonm nt of permanently plug and abandon all\: ell in the licen ear a, ·thin n \ ell . of th expi ci n o th licen e. •on o pel:JI leum operations or tem1ination f said licen e.

2 P rman nt plugging and a andonment operation haJI initial after i • month ofina ti it at th pr duction it in ccordan with b 1 intern ti nal industry tan Inlh ·c r, II that arc part f th infra tructure ithan ii and gas fu ili . the decommi sionin programm for the ofTsh ntain- pended and pre i usl plugged and abandoned w 1l as ciated with th acility; and b d usdmp cd t be used t plu and aband n th well . 4) t the requ t f tht: Ii llo th t m rar plugging and a andonment well when it i neces •• 14r prop r d velopment and produ ti n f rv ir in Lh li en area.

530 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 Follo"fog the comple ion f a well plugging and ab· nd nment pr gramme. lh ubmil a report l Lh Mini ter in a rdan e \ ith ection 65. Dec mm· ioning I. l Th h Id r fa pctr I um pr du • n Ii n hall tabJi h fund. dee mm.i i oing fund fi r the purp e fen uring equate fundin to implem nt dee mmi ioning operations upon the earlier of ce sation of p uction or tb ub quent piry f the production licen . (2 ontriburions to th decommissioning fund shall be paid during pr du ti n pe ti ns nd in rdnn with the R gul tions. ( ) Tht: annual contnlJuti n l tht.:de mmr I ning und hall ur that th full tim t mm· i nin i paid t th fund tv o ears prior to th anti ipat d ommen ment of dec-0mmis ioning and d mm1 ·s1 mn perati n in th produ ti n area. ( The tem1S and conditions or administration of the fund nd di ur m nt f pa_m o fi r th hall be agreed between lhe Mini ter and the lieen under he 1 rm f th lie n or p 'lrol um agre ment in accordanc with be t international industry Lan p in luding - a) maximi in onomi re o ery of pelr I um r ur ; and (b protection from licen ee d fault an g mm nt , p nditure through- i) f. fund urit ,. and THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 531 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ii) trigger date. e uril a umuJation rate and ov rail m nt mechani 'ms b· d upon indi idual field Panial 62. I) b Mini ter hall c nsult with th rel ant tate ag n and d ommi ioning or alt m t use. m appr p rti I tructur rem al r t p tin in plac fan ff hor fa ilit for con er ion to an arti I i I re f \ here th prop sed plan d not present navigational ob ta ·les. Pu uant to the t rm of th licen e or p troleum agreem nt and ub· t t an appro dd mmissionin plan. th Ii· ns m r for additi n I energ or oth r related purpo s, subject to verification f th fa iJiti ' uita I for rcus b an ind pend nt intemation II r ogni ed certified v ri ficati n b 3 \ h re alternate us o the o sh re acilit i authori d th Mini t r. lh h l r of th altern tc u auth risati n hall bear fi r all d commis ioning obli ations that a rue following th i uanc of the alternate use authorisation. 6 . Failur ubmit a decommi 10rung plan and met th d ommi iooing plru,or m et d omm1 1onmg bligatio under thi t, Ii en e r pelr leum d ommi i in obligation . agreem n hall n t reli C f liahilit . fi r th cost of dee rnmi ionin

532 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 T fer f 64. !)Th Mini rm po tpon th d mmi i ning f re p n ibility for decommi i ning. a iliti • nd infi th e. pi r l nninati n f a petroleum pr du ti n Ii ence - (a to e. t od th us fol life of th fa iliti and infra tru ture b using the aciliti r ther petrol um peration : or to u e the fi cilities for energ or oth r related purpo ~ here decornmi 1orung of petroleum installation is p tponed under subsection th re pon ibilit and 1i bilit fi r d ommi i ning f f. iliti t the nd f their eful life m y tran forrcd in wh I r in pan t th f th It m t us . ()) Where the responsibilit and liabilit for decommis ionin f fa ilitie is transferred in hole or in part under ub tion ), th re pcm ibilit for th b Ian of the d mmis i ning fund i tran fi rred to the ben ft iary f alternate use. lie nee ho \ originalJ responsibl f r d mmi Ii re the i uance b the Minister of the authori tioo und r ub ecti n ( I , hall fi r th d ommis ioning obli ations that a ru auth ri lion. decommi ligati n that a cru ub equ nt to the i i n under u e ti n ( I to the e t nt that the relat to ntinu du. tb faciliti b the lie nse under thi et. THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 533 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 p 6 . I) p n c mpletion of dee rnmi i ning bligati under thi d ommi sionin . part. th lie nsee or benefi iar of th alternate u o p troleum f: ciliti . hall submit I th ini. r p t d mmi i nin r rt nd n independent verification ert:ificatc i u d b qualified erification bodi . ) Prior lo final a ceptan e of th Post Decommissi ning Report. I.be nin t d r ie and a pt lh re rt. 3) Pursuant to ·ubsection (2 , the Mini t·r may con ult ilh th r t tea ndu t ind pen ~nt erific tion and monitorin of the area to en ui, lh 1 the affect d a h been m ti cl d mmi i ncd in ordan be t im mationaJ industry tandard and practice t the tim of the re i \: . 4)Wh re lb re i an di n th re rt and the in epet1dent finding btained b inister, the licen haJJ requi comp! t the requfred d mmi . i ning obligation t th a ptance of th Minister. PART TRA PORTATIO D TORA nd 66. I The Minister ma grant right of w throu h the national 1cnit ry t1r th perati n, tran, rtati n. nd . torag f pe I um y pipelin u h term and onditions pr crib d r gul

534 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 _ Operation, transport tion, an torag o petroleum by a pipelin ma a t carried ut W1th ut licence granted by the Mini ter n in rp rated inL an appro ed d el pment plan and onf rr d .. a produ ti n Licen or petroleum greemea . 7. I Where theii i e capa, it in th pipelin , th Mini t r ma,I dir et that an owner or o~ralor f a facility fi r the _perati n, tran portation. or tora e f pclr I um grant a t third parti - fi r r~ ur managem nt, in e tment ri k, e I ient operation of a iliti and infra. tru lure. onom1 r environmental irnpa t and th r national intere t c n iderations. -) Whcr the Mini ter determin th l mutual benefit can be the constru tion of c-0mm n faciliti and infrastru ture the licens to rea h an agreem nt ith oth r licen fi r th n tru ti n and operati n f the ommon a ilities. ( Th Mini ter m legi lati n t n ure the appli ati n f tariffi for ai rtation r tom in tru ture. PARTXI DI O L OF PETROI..E , DOM Tl PY DE PORT h Id r th rwi • 1sp of th ir ntitl m nt f petroleum ubje t t thi t. licence. a pctr lcum agreem ·nt or an th r applicable la THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 535 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 6 . The linist r ma require the li ens to market out ide o Gu ana n mpetiti 1he tate har petrol um ubj l tot, rm e ta Ii h d under licen e r petroleum agreement. omesti supply. 7 . I The ini ter ma require th h I er of a petr leum pr du ti n Ii n e t suppl petrol um t th omestic mar et wbi n the n s f th dom sti mark t ·ceed th ntitl m nl f w lcurn. (2) Th har f a p Lr l um h lder' contribution t th domestic market obligation shall be pro rota t the hare of its entitl ment to th petrol um produ ed in Guyan by th The olume of petrol um wruh the lie t, 11 und r thi lion hall n t exc ed it hare of petroleum entitlement under th licen e or petroleum gre m nt hall i c n tic to the lie n ee for the domestic upply obligation un er the tenn of th Lie nee or trolcum agr m nt. P RT II ARBO 010 JO TORAGE 71. Th Mini ·ter ma gran1 a gc I i aJ torage licen e fi r car n ioxid • ubj t t u h t rm and condition' pr ·cri ·d rcgul ti ns.

536 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 Right of 72. I) eol gi al orag li n e for car n dio ,·d gran th geologicalstorage licc:nc or carbon Ii ensee thee Ju ive right to - dio idc. (a , plore for potential carbon dio ide torage sites in the area ifi d in th Ii n ; and (b) d el pun round carbon di ·ide st rag ite., inj t and and und rtake operations in id ntaJ t arb n dio, id storage as sp ified in the licence. _ Th h Id r o a Ii en nted under h Id pr et1 ntial right to tajn ge I gic torag D di ·id t r th storag ite identifi under the petroleum e. ploration licence or petroleum pr duction licence ubj et to u h tem1S and condition prescnoed b regulation. PARTXIII AFETY, EC RJTY AND EMER E Y RE PO E foty 73. I The inister hall make regulations to go em th of rcquin:m nts. practice: an pctr leum ration carri un er thi et. tandard. ) n 'th tanding th g n rality f th fi re ing. lh Minist r ma make regulation or - p re ting th nd elfare of p rs n ngagcd in ii and operatio and mmunitic ; b urin • th e de ign. c n truction an operation fall fa ilitie ; THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 537 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 uring a and en u nm ntaJI un decommi 10rung perations· d maintaining a high le el of safi t at all faciliti e promoting rderly e plorati n, appraisal, de el pment and production petroleum: ( pre enting damage r waste o an n tural re ou e. propert or th en ironment; g prom ting a t culture an c ntinuous impro ement o measure t, applicable laws related to health and n ironment, and best international indu try standard and pra tic . In furth ran f th purp of lhi t. th h Id r of a Ii enc or p rmit, hall - a en ure that the operations p rmitted b ' th Li nc r pem1i1 ar c nducted in a safe. c mpel nl and f1i ient mann r· and b ensure that any ri ks inh r nt in the pcrati ns p1:rmittcd lb Ii r p rmit are d re ed u h that th e ri • are re F ilili nd 74. ( l fhe lie n • h ll main in in ati and ood conditi n fall infrastru ture. fa iliti . infra tru ture, equipment and oth r it ms or \ orks, us d rt b u -~d ia pctr I um rations.

538 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 Where th inister has reasonable grounds to believe that the pri nt tat f the Ii r infr ru tur , or th nduct of any operation. poses an una ceptable risk of I of life. pe nal injury pollution r maj r dam t fa iJjti .. lh Mini ter ma r quire th Ii en ee to - ( talce r m dial m ithin u b ri nable period as ma b determined the ini t r· b discontinu petroleum op rations in hole or in part until the ompleti n o u h r me i I m ur . ( Where the licensee does n t et promptly under ub ectioo I) an 2 within a pecified 1im b th ini t r. rh Mini t r hall. after g1 onabl n lice. ta e any rem diaJ a :tions which are n -.vith the inist r haU be borne b th lie us . 7 . 1 license shall ensure ri inherent in troleum operations er limin t d rare pt as reasonably pra ticable. - Pursuant to . uh. r pel:rileum agreement hall require th impl men sment nd m n cm nt 'l m with re pect to ea h fa ility that p an f pe nal m·u , I , of life. pollution or m ~ r dama et f: ci liti . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 539 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 id nti th ri k inherent m the Ii ensee' petr leum opernlion . in luding- the h > Ith. fet 1gn, in tallation, iospe tion. maint nan and d commi i ing f a ilili and infra ·tru turc· ri to p onn 1 in th wor ·mg n ironm nt in luding fall iliti . plan quipm at, ma u. d in pet I um n • nd ) ri cessing or lea ing wor ati n for petr leum perati ns. 4) Th ri k sment hall- s f: to contributing to ri ks f major a, id nt and envir run nu J dam : and assess the potential mitigating impact that pcration and m difications of a ilitie m ha e n maj r accident event and en ironm ntal ri k . The licenc or p truleum a• emenl ·hall pr mana • ·m nl ' ·tern lo mpl with applicable provi ions of en ir nm ntal. I bour, safet , and ial prot tion. maritim and olh r appli a.bi nation 1 int l and be l internali nal indu d ra tice . mergt!n )' 7 .(I lice ondu ting p tr, leum operation und r thi et pr p redn re pon e. hall diligent! .. institute and m intain -

540 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 a appr pri tc pre cntati c m t rcdu e th ri f a cid nl or rn r ea m the course of petrol um pcrati n • b emergea y prepa dn d re ponse pr du and ontrol measure appropriate to ea h that are aligned with nati naJ n r gi nal ii pill merg n resp n plans and undergo regular or periodi testing fi r all tie of lb r ponst.

2 Tht: cmergen re· >n: • pla h II mpl 'th JI appli I Y- and best inl!m Ii nal industry standards and practic s. uriry, 77. 1) Th tor fa lie-en h I er· and infrastructure ball implement and maintain - a preventi e urity measur de ign d t prote t iliri and \ ells from threats and anac , ; and (b contingenc plans to deal , ·th the urren fan uch track . 2) Th pr vcnti un measur Wlder this include measures to control the pre n e f per an I quipm nt and good at a a ility r II. P RT R, RJ 10 RI OFLI liccn • • hall not an f hi n hts under l!his t r Ii ence- THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 541 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ( c pt ith th written on nt f th Pr idcnt. in re pe t f land that i - ubj t to national uri or d fen purpo (ii urial r 1Nhich is a pla e o religious significan 111 t apart or required or u, h public purpo . th r than mining d lopm nl. ma pr ri ed; r (i p rt f th and f tidal n ) e. cept ith lh written c n ent f the I \! ful upier i) n land hi h i th , r hich i \Vithin cwo hundred m tres r u h gr at r di tan may be prescribed of, an inhabit , o upi d or tempornril u.noc upied house or buildin ; 11 any land within fifty m tres or uch great r di tan as may b pre rib d of an land whi h ha n clear or pl ughed r oth rwi e b na fid pr par d f◄ r th r 11 hi h th re ar rowin , Pr id d that th land d rib in paragraph ) i) nd ii i not tat land. ov mm nt I n . I d holl ntitie::sincludin c mpan.i or rporatio or in -. hi h th contr lling int r t is v sled in th tat r an land id ntified b la . or a plan dra"'.n an appr eel in ac • rdan e 'than la\ rr rve ;

542 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 (iii n I nd from hi h, during the ear imm diat I p eding. agricultural rop ha n reaped: Pro id d that nothin in this section shall pre enl th Mini t r & m btaining written on nt from an lan own r or la ful oc upi r any land de· ribcd in u e lion 1 (b : in re pe-ct fan. land within two hundred m tre gr: tcr di tan a ma p ribcd of the undarie of, an t wn hip. except with the \\Titten consent of th local authorit h ing ontrol over th township; (d in respect fan land ithin t-. hundred m tre gre ter di.tan e a ma b pr ribed of the undari of an villag • or o an land t apart or r qwred for a ne t nsion. ept \ "th Lh written nL f th ini ter; e) in re pect of an area whi h is subje t to a Ii n e, lease or i n und r th ining pt with the p.6 ;01 written nsent f the holder f th Ii nc , I e r con ribed land or area e cept .,,,·th th ma be pre rib d. ny und r may be g1 en un onditi u 'h c nditions as are specified in the in trument o con nL THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 543 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ith th on nt f th Mini tcr. use th land mpt d und r lb pro ub and ii t land in tall nd op y pipelio r ubmarine, fibre optic r terre trial abl or similar in rastructure and hall m intain. in peel. r p ir or r n v pipdin Di ranee from 79. hall n t carry on an drilling perati ns at an point lhcr infrastructure. within tw hundred m tres fa rail a . dam. r; rv ir, canal r th r publi work e c pt with th v. itten consent th P idtml r fan, pc on authori ed by he Pr id nt. erl· ppin 0. Ii en shall u cffi rt l mineralrigh operati ns in a manner that d nabl interfere ·th. obstru t, r di rupt pr peeling r minjn • opcr lion und r a rninin right other than p trol um that predate th petr leum e pi rati n r p1'1du ti n nd o rl p the area ubjc t to th • pi r p troleum produ lion Ii nc .

2 Where th licen and the holder o th mirung right cannot a ree n arrang ments t go em mutual acce t and us of an ar as wh r th ir r pccli righ rea nab) arrang men for f the urfa e pr vided that the shared us doe n t p ri ks to the s.af◄ t of p troleum perati ns and di f natur l ther th n petroleum in Ii enc area und r this t. and both perati n ma n l be pursue imultan usl du to in mpatibl n lure f ·rlapping

544 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 min right • th Mini ter ·hall d ide ~ hich o th perati ns h II be uspended and on what t rm . { Th de i i n under . u . hall talce into onsideration th natur f the di tn tmcnt mad th durdtion of perc;1ti and Ium f mjn ral and tr leum re ur their ec nomi and ial imp and th nati na1 int re t e bold r f min ral r are suspend d und r subsection 3 may requ st an e l nsion of lb term t.rol um lie n e, an th exten i n d e ui ah:nl l the durati no lh u pen i n rdc d uod r I . I) licensee shall conduct petroleum operations in a manner that minimi. e. to a reru nable extent any impact n lh inle t of an lawful u h pe1rol urn pcrati n in r un r a petrol um e. pl rati n lie nee r a petrol um producti n li ence shall not ffect d1e , i.ting righ~ fan la I o cupi r f I n graze Ii u n r to ulti te th f th land. e epl in far as su h u s ofland may unreas nabl interfere ·th th petroleum op rati n.. The I \ cupicr an land in a d velopm nt and pr du tion r hall not ere tan. building or stru tu.rein th are with ut nt of th hold r o th petroleum pr duction Ii en e pro id d th t wh r th Mini t r con ·id rs that th con nt i in unr ' nnbl THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 545 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 ·withheld the Mini ter ma , in writing, gi e that on ent t the l upi r ·ubj t to any conditions impo d b I.heMini ter. Fishing and 8 . ball n t carry on p lr 1 um op rati ns und r thi t navigation. that interfi res with fi hing or navigati n lawfuJI ing carried n ithout 1rst n tifying and taining the pproval of the Mini tcr and an oth r rele ant tate agenc . ompen tion. 83. 1) Wb r in th of xploration r produ ·Lionoperati n in an pare I of land in th lie nc area, any damag i cau :d or d n to the p re I land or the intere t o the la, ul occupier. r to an cultivation or building th r on, as a result of tho op ration • th li n hall be liabl t pa fair and reas na I c mpen tion t the hold r of an, right, title or interest in or o er that parcel of land in accordanc with bi right, till r int r t. (- Th mpensati n pa able und r ub e tion (1), hall be u h um as ma be agreed to betw nth Ii ens an the per n entiU d t rec i e the compen ati n aud, i no agre ment can b arrived at betw en th m, uch um as may be determined b a court of ompet at jurisdi ti n on application mad or tb per n entitled to rcc i e the comp nsati n.

546 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 PART p LTIE ailure to compl 84. {I person ""ho Ii ils to ompl ith an pro •sion o thl t ith pro isi n~ o eh l y u idi , r any dire tion gi en. und r thj nd fi r whi h no penalt has been pr ribed ·hall be Ii ble on summary con iction a {inc f n t I s than fi e million dollars. An pe n, h knowing!_ nd , 'llfully- ) i late an provi rion fthi cl or Ii nee. or ub idiary I gislation made. or direction g:i en under thi et; an fal e statement repre entarion. or ertifi ti n in nn appli ti n. re ord, report. r other document filed or required t b maintain under thi et: or ) re eal an data or information required to be kept c nfid ntiaJ b thj Act. ·hall be liabl-, n summary c n iction, to II fine f n t I than thirt and impri. nment fi r three ear . re an ffen hich h n c mrnitt b a m rov t hav be n mmined ~itb the of. a director. retary r oth r imilar offi er f Lh mp n a purporting t a t in any u h pa ity. th per on. lh compan_. hall be guilty of that offen e and h II be Ii l penalr . THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 547 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 rd~rs of here pc on i under lhi orfei1ure on onvictionfor c urt ma , i.na diti n t an ther penalty impo ·d, make ertainoffence . a n rd r fi r th ft rfoiture of any chi le, aircraft. e I. ma hin ry or equipment cd in th comrni ion f lh ffen e: nd b an order- i) for the fi rfi itu of troleum pr duced. in the ur f the mmi i n of the offerl! • (ii or the paym nt to th tate, h th pd n c o i ted~ f an am unt qual t lh pr ·ced petroleum produ d· r iii)fi r th payment to th tate. b th alue at the wellhead, the c urt. in r fth quanlit .. of petroleum produ cd r forth pa m nt of such a part o that am unt h c urt. h ving r gard t II the ircum tan th1:c ,c id rs fit 2) here the court is salisfied that an ord r m de under sub ecti n I b i cannot be enforced for an r n, the court ma . ini ter. the rd rand m an Pen3lty for I te 6. ( I \ here th liability o a p on und r lhi l, a lie nc or, paym n where applicable. a p troleum gre ment t pay an am unt i n t di harged th d te wh n th amount b rune du . lh re hall p ablc by that per n, by 1 a o p nalt an delitional am unt ulculate t th rat of n •third ne p r cnt p r day t be

548 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 mpoundecl upon th unpaid balan . t be c mputcd fr m th d t on \ hi h that m unt du and until it i. full paid. ( alty t paid i p yabl in kind, refi renc to amount in this ction ·hall be construed a reference t th ric mpure on th da it i du in c rdan \ "th th benchmark pre ribed in a licen e or petroleum agreem nt. P R VI

10 ITORING ERVl 10 , lN PECTIO ND RIFT TIO M nit rin, nd r an p rson or go emment ag nc dul upcrvi'i n. authorised b the Minist r, hall carry out rch monitorin and enti m nt a ti n • ar n~ ·sary for th implem ntation of the pro isions o this Act. 2) In arryin ut th fun ti ns under ·ubsection 1 the 1ini ter r th appoint of the Minist r may. at all re onable tim s- a)enter an ar ru tUI' . uilding. ehi I ve el or aircraft wbi h. lD lb op1mon f th Mini tcr r his appointee, h n. I b in . or lS to be, u d in onn Ii n \J ith trol um operation : (b)inspect and t st, or am t he le tc qualified per n, or equipment whi h. in th opinion of th 1ini ter or the appoint • th :1inister h n. i • THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 549 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 being, r i t used in c nne ti n with n of Lh perations referred t in p agraph ( : ( e al r t 'ting r fi r em idence in onn ti n ith an offi nc und r thi t amples of petrol um. ~ at r r th r mancr r evidenc from a ell· d issu directi n to, and impo e restri ti ns on. a licen or any person mployed b th lie ns m, or m conn c i a with. any of the operati ns referred to in paragraph . with re pe t to the h alth and f h pc n so emplo ed b rh Ii n ee: dire l the licen 't: in writing t effe ·t - th s.ati n paragraph a) on or in an area. structure or building being used in connection ith an uch operati ns, and th " ithdr al fall nn I r m the area; and ii) the di. ontinuance o th use of an ma hin or equipment if in th pinion of th Mini tcr thi are . tructur r uildin , r ma, hin r and uipm nt i un afi . uni an until u ha tion as is a cessary for fi ty and specified in the direction i taken b lh and ompl ted; m u he. amination and inquiri ure that the pro i i os f thi und r this t, are b ing c rnpli ith; nd g) tain and rec rd ·talemen m witn se . and npp aL or condu l. inquiries regarding cidents o urring in

550 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 th c-0ur of an f lb operations referred to in paragraph a and appearat inque . and call and e amin tn and cro -e amine witn es. lie n c. mra l r, r n auth ri' d agent of the licen ee r ontra tor hall pro id th Minister. r th pe n uLh ri 'ed b lhe Mini r und r ub li n {1), with re onable f: ilities and regardin tran portation nd a mm elationlO na le lb etli and tim 1, perfi rman of the monitoring. upervi ion. inspecti n nd verificati n functions under thi P RT 11 0 !>ferof righlS" ·thout the \\TILL n appro aJ of the Minister, assign an of the ri~h und r a Ii nee or petroleum greem nt.. b th r in wh I r in pan. to a third party ran ffili tc. ontrol of d h Id r f Ii hall no 't11outth pri r ·on nt in corp rate not lO be given ithout writin f th Minist~r- con em f 1inistc:r regi r the tran for ran hare or int rest in lh ompan ~ any parti ular p r on or nominee f that person; or b) nt r in an agreement r arrangement with any particular pe on, where th ffe t f d ing would be to gi c, in the case m nti ncd in p ra~pb ( . lo the particular pe n r. in the menti ned in THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 551 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 para raph (b , th p rti ular pe on or an olh r p on, ntrol of the mpan. ( The ini t r may, on a pli ation m de to the tini ter in v..Titing nt l th, han o c ntrol the ompan ini t r on ider th t n ti nal intere t w uJd n t b prejudiced. 3 ursuant t sub e rion , th Mini l r ma requ t u h inf nn ti n th Mini ter n id r ry t m a de i i n n th application. ( r the purpo of this section - a a per n hall be deemed t ha e control a compan - where the per on or nominee of th person h Ids. r th per n and tb n min hold,.a total of tw nt per c nt or more of the i ued uit hare in mpan: ii he the pe nI ntitled to appoint. or pr nt th appointm 'Dl f. half or m re than half of th fth mpan ; on i entitl d t f, th right t pe t f n tI f the t tal number f te in r the i ued equil ·hare in the ompan ; r

552 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 h re the person through b ar<i mcmb hip, nlra l. tru r ther fidu iary rclati nship. r then i •. h bility to direct th acti ities f th rp er i of u h righ ', m tive 90. l Th f th • tate ran c mpan wholly or b tc h II ha the right to acquire. th se propo d b pro to transfer. (2) The Minjster ma pre crib peri ds f n tl and c. ercise of such right I. Ii ensee shall n t flare or vent petroleum e, cept in accordanc with th n ironmental Protection et and reguJati ns made und r thi • C p. 20:05 l Power to obtain 92. I) The tat has an inali nable wn r hip right t pc l um data re uh f p ulh ri ed under tbi c. twith tanding the pr ii n m ·Lh a company uth ri ·ed l r gt: ph • cti n 18. on I nns and nditi n th t na le th • u h data nd h rin , fr nu wilh th tal . ) wn • hip f ·tn I um da btained und r a p troleum e, pi ration Ii en n Ii en i held joint! b Lh THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 553 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 tate and the Ii ens nd b m • the le propert of th tat ith resp t t an ar a hi b c wh thcr a r ·ult f relinqui ·hmcnt, r urn.:ncJr f a Ii cnce r (4 u ~ et to a licence or a petroleum agreement, lh finj tcr may e tabli. h th tern, and ndition for di closure and baring of data and Lnfonnation. (5 Wher the Mini ter bas reason to belie that a p r n i in n f infi rmati n r data relating t p trol um pc ti olum _ r value f p troleum produ • d, it ma , noti e. r uire that per on- (a) to suppl to the Mini t r th infi rmation or data pecified in lh n lice; and b t answer qu ·tio relating t pew leum operations or th lum r v lu f petroleum produ Any p rsoa required t or fail to compl ,. or (b kn , ingl r reckle I furnish infi rmation or dat which i or mi leading. mmi an o enc and of ten million d II t ether with impri nm nt f r n ear. L[ailif)' llnd . I Ii nse hall keep th true indemnified at 11tim again l in mnil}', all laim and d mand that may be brought or mad again t the

554 THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 No. 17] LAWS OF GUYANA [A.D. 2023 tat b re • n f any ti n. mi i n or ailure t the Ii nee m the exerci e or purported i of the righ f Lh Ii ns under thi t, th liccnc r petr lcum a reem nt. (2) lice ee hall m iota.in uch insuranc as required by th pplicabl ta, • f Gu 1ana. Litigation oainst 9 1) In an , tion arising out o petrol um operations pursuant to the uue and lice this t r rel ted I gi lation that impa ts th tat r tb int rest f lie n. e, tb Minister and th licens e shall be nam d a part of right. 2) thing in lhi trued t limit r r strict th pow r and authority of the tale in any tion affi tin lh tat, in ap. 6:05 a ordan e with tb tat Liabili and Pro eding et. i:recti n to 9 . The Mini ter ma - gi e efli Cl lo Ire . a) fi r th purpo f gi ing t1iet to an treat agreement. con ention or oth r a.rrang mcnt l \ hi h uyan ,• • part ; r b in th inL re l • f pea e and go rel ti nshlp with ther tat • 1• u to an. licensee dire ti ns in re. p "t f al I r an o lhe folloi.,ring matte r stricting the rati n in the ploration or d el pmcnt and p du ti n rea t whi h the Ii n c THE OFFICIAL GAZETTE [LEGAL SUPPLEMENT] — A 16TH AUGUST, 2023 555 A.D. 2023] PETROLEUM ACTIVITIES ACT 2023 [No. 17 relates in ucb mann r r t ucb e lent ma c pc ifi d in th dir ction; 11 pr hibiting the fr m rrying on any operations in the r ti n or produ tion area or uh may b pecified in the directi n. Powercomak . Th ary I gi I ti n fi r th pu:rpo e of ubsidi le i lati n. gi ing ffoct to th pro isi ns f thi et. P RT ill p Rep l. 7. (I) The P troleum E ·pi ration l and th\.: Cap. 65:04 C p. 5:0 Petr I um Produ tion et are repeal d. in• . 8. otwithstandin the r peal f the Petrol um ploration and :o-t Production) ci all ub idiary legi lation. dire tions and appointment m d un r that cl and in orce immediat I prior l thi A ntinu a if made und r thi L Pavsed b the afional , .v mh(v rm the 9'" 1,gu1. 1023. 'ler • Lh ati naJ mbl . BLLL o. 16/2023)