BANDAR SERI BEGAWAN – The government has formed a new regulatory body for the oil and gas industry called Petroleum Authority of Brunei Darussalam.
In a statement issued Wednesday, the Ministry of Energy said the body would be tasked to “undertake regulation and monitoring of operations and infrastructure in the upstream, midstream and downstream oil and gas sector, and act as custodian of petroleum data in Brunei Darussalam”.
Part of the ministry’s operational functions will be merged with the regulatory functions of national oil company, PetroleumBrunei, under the umbrella of Petroleum Authority of Brunei Darussalam.
From now on, PetroleumBrunei will act solely as a commercial entity without a conflicting regulatory role.
The consolidation of operational regulatory functions of all oil and gas sectors in a single entity is intended to streamline operations and provide clarity to businesses and potential investors for growth and diversification of the oil and gas industry.
The statutory body will also serve as a technical resource to the government on petroleum matters.
The Ministry of Energy said the body will act as its operational arm to shape the development of the petroleum sector towards long-term energy security, ensuring prudent and sustainable exploitation of national oil and gas resources.
The legislation enacting the formation of Petroleum Authority of Brunei Darussalam came into effect on December 31, 2019.