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Monday, 29 September 2008

Petroleum (Exploration and Production) Bill 2008

Parliament Online have now uploaded the heavily trailed Petroleum (Exploration and Production) Bill 2008. Like many bills before it the power appears to reside with the Mines Minister and the President (no "oil minister" just yet, though that must be inevitable once we have some real 'black gold' to play with). There's also the Petroleum Committee which appears to have no direct Parliamentary oversight. That said, the bill does allow for the establishment of the Petroleum Environmental Protection Fund; the National Petroleum Company, and; the Petroleum Trust Fund. Future legislation is expected on the exact nature of these provisions.

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