We arrived late at the Senate’s public hearing on the three public hearings today. We will give a summary of all the presentations earlier.
Ministry of Petroleum Resources – Fiscal Bill
- many fiscal abuses in the current Fiscal Bill;
- lack of fiscal neutrality in the bill;
- bill does not sufficiently reward the domestication of oil
- more reflection on the powers of the Minister;
- opportunity for checks & balances over the Commission by the Minister;
- there should be a requirement for bid rounds every 3 – 5 years;
- the decision on bid round should be a political decision;
- Minister to give guidelines;
- who regulates the regulator?
- provisions for acreages to the commission to be amended and explicitly granted to the state;
- more provisions for contract transparency;
- gas flaring provisions are scaled back in this bill;
- national strategic stocks should be handled by a regulated entity;