Business News of Saturday, 4 June 2016

Source: classfmonline.com

Parliament withdraws ENP Bill 2014

International developments in the petroleum industry have forced government to withdraw the Petroleum Exploration and Production Bill 2014 from Parliament.

The bill to regulate petroleum activities and other related matters, which was laid in November 2014, needed to be fine-tuned to respond to current happenings in the petroleum sector.

The Energy Minister, Emmanuel Armah Kofi Buah withdrew the bill Friday June 3 on the floor of parliament and laid a new one for the consideration of the house.

“Mr Speaker, I respectfully seek your permission to first of all withdraw the ENP Bill 2014 which was laid on 11 November 2014. It has [become] necessary to do this because of global developments in the oil and gas industry that has necessitated certain changes,” Mr Buah told the speaker.

He added that the changes had been incorporated into the new ENP Bill 2016.

The speaker accordingly withdrew the bill.