Parliament on Wednesday passed the Petroleum Commission Bill, which is to establish a petroleum commission to oversee the regulation and management of petroleum products and provide for related matters.
In accordance with article 269 of the 1992 Constitution, the Commission is being established to regulate and manage the utilisation of petroleum resources and the co-ordination of the policies in relation to the resources.
Mr Emmanuel Kofi-Armah Buah, Deputy Minister of Energy moved for the bill to be read the third time and seconded by Mr Moses Asaga, Member of Parliament for Nabdam after which it was passed by the unanimous decision of members.
The bill which has 23 clauses has clause 1 establishing the Petroleum Commission as a body corporate with perpetual succession whilst clause 2 deals with the object and functions of the Commission.
The Commission is purported to promote planned, well executed, sustainable and cost efficient petroleum activities to achieve optimal levels of resources exploitation for the overall benefit and welfare of citizens.
It will advise the sector minister on matters related to petroleum activities and recommend national policies related to petroleum activities.
Other functions include ensuring compliance with health, safety and environmental standards in petroleum activities in accordance with applicable laws, regulations and agreements and ensuring that persons involve in petroleum activities comply with applicable laws and regulations.
It is also responsible for promoting participation in petroleum activities.