Minister of Natural Resources, Raphael Trotman will table the Petroleum Commission Bill in the National Assembly shortly. The Bill will outline the regulations that will govern the newly established Petroleum Commission.
Minister Trotman yesterday briefed members of the media on the developments in the oil and gas sector as part of a national outreach programme.
The establishment of a new regulatory agency will see the responsibility taken from the Guyana Geology and Mines Commission (GGMC). “We need to re-orient our minds towards petroleum which is a completely different form of mining, and so the idea is that we would move in tandem with the rest of the world, and have a separate regulatory agency,” Trotman explained.
Trotman said the Bill has already been extensively shared with stakeholders including the Opposition. He said the Ministry of Natural Resources has been “working overtime” to create and upgrade legislation to govern the emerging oil and gas sector.
In December, the Commonwealth Secretariat drafted a Sovereign Wealth Fund Bill for the country. Minister Trotman said the Bill is now with the Minister of Finance since “it is a financial matter”. According to a GINA report, the Ministry has also drafted a Local Content Policy.