The Petroleum Commission bill meant to over see the regulation and management of petroleum and provide for related matters was laid on the floor of parliament on Thursday.
In accordance with Article 269 of the constitution, the Commission is being established to regulate and manage the utilization of petroleum resources and the co-ordination of the policies in relation to the petroleum resources.
It was laid by Mr Moses Asaga, Chairman of the Energy Committee.
A memorandum signed by Dr Oteng Adjei, Minister for Energy, and the bill has about 23 clauses.
Clause one deals with the establishment of the commission as a body corporate with perpetual succession.
Clause two has to do with the functions, to promote planned, well executed, sustainable and cost efficient petroleum activities to achieve optimal levels of resource exploitation for the overall benefit and welfare of citizens.
The Commission is also to advise the Minister on matters related to the petroleum activities and recommended national policies related to petroleum.
The Commission is also to ensure compliance with health, safety and environmental standards in petroleum activities in accordance with applicable laws, regulations and agreements, and ensuring that persons involved in petroleum activities comply with applicable laws and regulations.
The commission is also responsible for promoting local participation in petroleum activities.
Clause 14 exempts the Commission from the payment of tax.
Clause 23 provides that the appointments necessary for the effective functioning of the Commission are to be made within twelve months after the commencement of the Act.