Vice President, Dr. Bharrat Jagdeo confirmed on Thursday the government’s commitment to establishing a Petroleum Commission at the appropriate time. Addressing the press at the Office of the President, Dr. Jagdeo underscored the commission’s future role in overseeing petroleum exploration, development, and production while ensuring compliance with relevant laws and sustainable resource management.
“The petroleum commission, we said we are building capacity in the Ministry (of Natural Resources) for it,” Dr. Jagdeo stated while highlighting ongoing efforts to strengthen the ministry’s framework for accountability and management in the sector.
He also noted that several matters on government’s agenda for the sector required swift action. He said such an approach is distinct from the operational style of a technically oriented body like the proposed Petroleum Commission had it been in place. Expounding further. Dr. Jagdeo cited government’s rapid progress in the sector such as the passage of a new Natural Resource Fund Law, the enactment of a new Petroleum Activities Law, and the introduction of a revised model for production sharing agreements. “All of those things had to be driven politically to achieve them. A technical body would not have the same sense of urgency to do that,” he explained.
Despite criticism about the absence of a commission to ensure independent oversight, the vice president assured that such a regulator is forthcoming. However, he noted that such a commission is not mandatory for oil-producing nations. “If you look at other jurisdictions that have done this in some countries, not every country has that model…countries have various models,” Dr. Jagdeo said, adding that countries typically evolve into establishing such commissions in a mature regulatory environment.
