The Brunei government has formed a new statutory body called Petroleum Authority to regulate the country’s oil and gas industry.
The Ministry of Energy said in a press statement on April 22 that it would be tasking Petroleum Authority to undertake regulation and monitoring of operations and infrastructure in the upstream, midstream and downstream oil and gas sector as well as act as the custodian of the country’s petroleum data.
Petroleum Authority will absorb the operational regulatory functions of Petroleum Brunei and part of the operational functions related to the oil and gas sector under the Ministry of Energy.
Petroleum Brunei – a wholly government-owned oil company incorporated in 2002 – will continue to operate as commercial entity but without a conflicting regulatory role.
Petroleum Authority was established on December 31, 2019 and is governed by a board of directors chaired by the Minister of Energy with the Deputy Minister of Energy as Deputy Chairman.
Other board members are the Permanent Secretary (Policy and Fiscal) and Permanent Secretary (Investment) from Ministry of Finance and Economy, Permanent Secretary (Infrastructure, Housing and Professional) from the Ministry of Development and the Permanent Secretary (Energy) at the Ministry of Energy.
The Permanent Secretary (Energy) will also serve as Interim Managing Director.