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O&G contractor guarantees align with Petroleum Act 1990

Legal Guarantees for Surinamese Oil Contractors

O&G contractor guarantees align with Petroleum Act 1990

The guarantees provided by the government to contractors who have entered into a Production Sharing Contract (PSC) with Staatsolie meet the conditions specified in the Petroleum Act of 1990. The same applies to the Model PSC used by Staatsolie in negotiations with contractors.” These are some of the conclusions drawn from a study by Mr. Abygail S.F. Mohammedamin, who recently graduated as the top student in the Master’s program in Surinamese Law at Anton de Kom University. Given the relevance of her thesis to the oil and gas sector in Suriname, she presented a copy of her thesis to Staatsolie CEO Annand Jagesar on Monday.

Mohammedamin mentioned that her research aims to contribute to expanding knowledge about Suriname’s oil and gas regulations. “This knowledge is crucial for building confidence among foreign partners interested in investing in the Surinamese oil and gas sector.” The CEO of Staatsolie was impressed by her achievement and expressed satisfaction with the research results: “I am very proud of you. The community can rest assured that everything we do at Staatsolie is transparent and in accordance with existing legal rules. Your research confirms that we are on the right track. Thank you for this, and good luck in your future career.”

In her research, Mohammedamin conducted a study on the scope of the guarantees given by the government, in accordance with Article 15(2) of the Petroleum Act of 1990, to contractors. This guarantee, issued in the form of a government decree, aims to “ensure the legal and fiscal treatment of the contractors’ investments and the fulfillment of Staatsolie’s obligations under the PSC,” according to the jurist.

The theme of the research was: “The government-given guarantee according to Article 15(2) of the Petroleum Act of 1990, in light of the petroleum agreements concluded between Staatsolie and contractors, examined in detail.” According to Mohammedamin, the motivation for the research was the recent uncertainty about the legal validity of government decree S.B. 2018, no. 52, in which the government provided this guarantee to the contractors. “This uncertainty included questions about whether the government had exceeded its authority granted in Article 15(2) of the Petroleum Act of 1990 with this government decree.” The research also examined the extent to which the Model PSC used by Staatsolie complies with the requirements specified in Articles 6 and 9 to 27a of the Petroleum Act of 1990.

“In summary, the key findings of the research indicate that, at the time of its promulgation in 2018, the guarantee provided by the Government’s decree did not meet the requirements of Article 15(2) of the Petroleum Act of 1990. However, this shortcoming has been corrected with an amendment to the Petroleum Act of 1990 as of January 1, 2023. As a result, the government decree now complies with the conditions of the aforementioned legal article. Regarding the Model PSC used by Staatsolie, the conclusion is that it meets the requirements specified in Articles 6 and 9 to 27a of the Petroleum Act of 1990.” In addition to the conclusions, Mohammedamin also makes some recommendations to improve the readability of government decree S.B. 2018 no. 52.

Abygail Mohammedamin has the ambition to further specialize in the field of oil and gas law. She also graduated as the top student in the Bachelor’s program in Legal Science in 2021.”

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/79868

Date: 20 February 2024

Categories:  Ease of Doing Business, Government, Legislation, Oil and Gas Industry, Suriname 

Tags:  Annand Jagesar 

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