(OilNow) Newly elected Speaker of Guyana’s National Assembly, Manzoor Nadir, has underscored the importance of an effective Parliament to Guyana’s oil and gas sector.

Nadir, who was elected and sworn-in during the first sitting of Guyana’s 12^th Parliament on Tuesday, September 1, made this statement during his inaugural address as Speaker of the House. 

“As Guyana continues to transition into a vibrant and even stronger democracy within an emerging oil economy, it is of utmost importance that this 12^th Parliament be effective, successful, and exemplary,” he stated. 

Guyana’s National Assembly has responsibility for making legislative preparations and changes, as well as the implementation of policies to guide the country’s oil and gas sector.

Earlier on Tuesday, it was reported that the new Minister of Natural Resources, Vickram Bharat, had indicated that the Petroleum Commission Bill will be re-tabled in the National Assembly after the passage of the national budget.

This move, the new People’s Progressive Party Civic (PPP/C) administration has said, will seek to reduce the powers proffered to the Minister of Finance under the bill. Additionally, the Public Accountability Oversight Committee of the National Assembly has responsibility for ensuring that the Government adheres to the Natural Resources Fund Act and to ensure transparency in the management of the oil revenue.

The new government holds a one-seat majority in the National Assembly with 33 seats, while the Opposition, A National Partnership for Unity + Alliance For Change (APNU+AFC) has 31 seats.

Lenox Shuman, who was elected Deputy Speaker of the House, is the representative for the one seat that was won by several small parties combined at the March 2, 2020 elections.