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Government reflection proposal to be established new regulatory authority for oil and gas sector

Islamabad: The government is considering a proposal to establish the Pakistan Petroleum Upstream Regulatory Authority to promote and regulate upstream activities in line with the international best practices in a planned, well executed, sustainable and cost effective way.

According to documents, functions of Pakistan’s proposed upstream oil regulator will decide matters of grants, regulations, cancellation, revocation and monitoring of all oil rights and upstream assets.

Likewise, this authority will promote and facilitate the upstream activities of the cardholders of oil rights in way from ensure its execution in line with the international best practices in a planned, well executed, sustainable and cost effective way. Furthermore, the authority will be responsible for monitoring, implementation and regulation of upstream activities.

Pakistan’s proposed upstream oil regulator will do so also have the exclusive mandate issue gas price notifications for the producers. He will do it also monitoring field development operation and production plans (including environmental compliance, community commitments, health e safety compliance and tax compliance), termination of production and removal of structures.

“The Authority is a body company, having perpetual succession and to common seal, with power and function to enter into contracts, acquire, hold and dispose of property both movable and immovable and must mention in his name in judgment and be sued in judgment “, the documents stated.

And also learned that the headquarters of will be the Authority in Islamabad and with prior approval of the federal government set as many offices in everything over the country as when and where required.

The Authority will be composed of one President and four members (Member Browsing, Member Production, Member Security & Finance, and Member Legal & Compliance) who will be nominated on recommendations of the respective provincial government on rotation base.

The federal government will appoint a President of authority during the trial for the appointment of a member or a President, as appropriate, will be initiated by the Authority within one one hundred and seventy days before the deadline of the term of the member or the President.

As per document, the Authority, in the performance of its functions act in transparent and fair way. The government will be from time to time in time, issue the policy the directives it deems necessary, which will be binding on the Authority.

And the Authority will abide with the policy guidelines issued by government in exercise of its powers and functions e in doing the decision. Furthermore, the Authority will have the exclusivity power request the notices and reports referred to inart safety regulations.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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