Petroleum Commission Act - Act no. 13 of 2021.

This Act, consisting of 27 articles, divided into five parts, provides for: the establishment of the Petroleum Commission; the regulation and management of midstream and upstream petroleum activities and the utilisation of petroleum resources. The Act defines the relevant terms, including: local content and local content fund; petroleum activities; petroleum infrastructure; petroleum resources; petroleum reserves. The Act establishes the Petroleum Commission as a body corporate which regulates petroleum activities, manages petroleum resources, ensures compliance with policies and laws for the petroleum sector and promotes local content for sustainable national development. The Act defines the functions of the Commission, including: planning, monitoring and coordinating petroleum activities, recommending national policies to the Minister and advising the Minister on matters related to petroleum activities, preparing documentation necessary to regulate petroleum sectors, collecting and analysing data and economic information, with the aim to achieve optimal levels of resource exploitation and improve the overall welfare and the compliance with the healthy and environmental standards.
The Act also provides for the establishment of the Board of the Commission, the definition of its functions and of the meetings, the establishment of committees, the appointment of the Director General and the specification of his functions, the designation of the staff of the Commission. Concerning financial provisions, the Act defines the funds of the Commission and their administration; the expenses, the annual estimate, accounts and audit and provides for the submission of an annual report. Final provisions of the Act concern: protection of the members and the staff of the Commission; compliance with the decisions of the Commission and procedure for complaint and review of the decisions; Ministerial power to make regulations.