Accra, Dec. 16, GNA - The Petroleum Commission bill meant to over se= e the regulation and management of petroleum and provide for related matter= s 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 petrol= eum resources. It was laid by Mr Moses Asaga, Chairman of the Energy Committee. A memorandum signed by Dr Oteng Adjei, Minister for Energy, and th= e bill has about 23 clauses. Clause one deals with the establishment of the commission as a bo= dy 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 welfa= re of citizens. The Commission is also to advise the Minister on matters related t= o the petroleum activities and recommended national policies related to petroleum. The Commission is also to ensure compliance with health, safety an= d 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 effecti= ve functioning of the Commission are to be made within twelve months after t= he commencement of the Act.