The national petroleum and oil industry ministry presented the new act that regulates the oil sector in a meeting with stakeholders.
Minister Stephen Dhew Deng told the press that the new Petroleum Act was drafted under a tight time framework but it was a comprehensive, modern and effective piece of legislation.He added that the oil act provides the framework to re-launch the oil industry in terms that benefit the country.
Mr Dhew said the new Act makes oil companies responsible for health and environment safety.
He added that the ministry supervises and audits the company’s health and environment plans and makes sure that they abide by the plans while conducting their activities.
Mr Dhew said the new act also promotes transparency and dissemination of information about oil activities providing a plain field to all interested investors.
The minister added that the new act will help cracking down corrupt officials and bribery practices.