This Bill Governs the establishment of the Petroleum Commission

Functions of the Commission.

(1)      The  function  of  the  Commission  is  to  monitor  and  regulate  the efficient,   safe,   effective   and   environmentally responsibleexploration, development and production of petroleum in Guyana.

(2)      Without  limiting  the  generality  of  subsection  (1),  the  Commission shall

(a)   promotethe   policies   of   the   Governmentin   the   exploration, development and production of petroleum in Guyana;

(b) review and recommend to the Minister for approval, amendment or rejection  the  plans,  proposals,  reports,  analyses,  data  and  any  other information    submitted  by  an  applicant  or operatorin  support  of  an
5application  for  the  granting  or  renewal  of  a  petroleum  prospecting licence or a petroleum production licence;

(c)  when required by the Minister, managebid rounds for the grant of licences;

(d)    monitor  and  ensure  compliance  with  national  policies,  laws  and agreements related to petroleum operations;(e)   ensure   that operators, contractors, sub-contractors   and   other persons  involved  in  petroleum  activities  comply  with  all  applicable laws;(f) ensure compliance with health, safety and environmental standards in  petroleum  operations in  accordance  with   applicable  laws   and agreements and in cooperation with other government agencies;(g) ensure compliance with fiscal metering requirements in petroleum production   activities   in   accordance   with   applicable   lawsand procedures;(h)monitor   and   regulate   petroleum   activities,   including   reserve estimation and measurement of the produced oil and gas, and carry out all  other  inspections  and  audits  in  keeping  with  the  functions  of  the Commission and as required by law;(i)  ensure well  planned,  well  executed  and  cost-efficient  petroleum operations   for   the   achievement   of   optimal   levels   of   petroleum extraction;(j)      promote   local   content   and   local   participation   in   petroleum activities;(k)      ensure   the   establishment   of   a   national   petroleum   data bank including a central database of operators and other persons involved in petroleum  activities,  manage  petroleum  data  and  provide  periodic updates and publication of the status of petroleum activities;(l) review and recommend to the Minister for approval, amendment or rejection of any proposed exploration activity contained in the annual work   programme,   appraisal   programme   and   production   forecasts submitted by a noperator; (m)  review and approve budgets submitted by the operators;(n) review   and   advise   the   Minister   on   reports   on   discoveries  submitted by an operator;(o)    advise  the  Minister  in  the  negotiation  of  petroleum  agreements and  in  the  granting, amendment,  renewing,  extending,  and  revocation of licences;(p)  ensure accurate calibration and certification of equipment used for fiscal measures for petroleum activities;(q)   participate   in   the   measurement   of   petroleum   to   allow   for estimation  and  assessment  of  royalty  and  profit  oil  or  gas  due  to  the State and be responsible for the approval of the exercise;(r)   ascertain the cost oil or gas due to operators;(s)      provide  necessary  information  to  the  relevant  authority for  the collection of taxes and fees from petroleum operations;(t) promote, ensure and facilitate competition, access and utilisation of facilities  by  third  parties  to  ensure  optimal  utilisation  of  existing  and planned facilities;(u)  monitor conditions of operators and their trade practices to ensure that competition and fair practice is maintained;(v)    assess  tail-end  production  and  cessation  of  petroleum  activities and decommissioning plans;(w)   undertake   research   into   optimum   methods   of   exploring   for, exploiting and utilising petroleum and petroleum products of Guyana;(x)    perform  any  other  function  as  assigned  to  it  or  requested  by  the Minister  as  being  incidental  or  consequential  to  its  functions  under this Act