Section 12 Petroleum Industry Act 2021

Section 12 Petroleum Industry Act 2021 is about Functions of the Board of the Commission. It is under Part III (The Commission) of Chapter 1 (Governance and Institutions) of the Act.

The Board of the Commission shall-
(a) be responsible for the formulation of policy, supervision and giving strategic direction to the Commission;
(b) provide genera! guidance for the carrying out of the functions of the
Commission;
(c) review and approve the business, strategic and operating plans of the Commission;
(d) consider and approve the annual budget of the Commission before submission to the National Assembly for appropriation ;

(e) approve the management accounts and audited accounts of the Commission and consider the management letter from the external auditors;
(f) determine the terms and conditions of service of employees of the Commission;

(g) recommend remuneration, allowances, benefits and pensions of employees of the Commission in consultation with the National Salaries, Incomes and Wages Commission, having regard to the-
(i) specialised nature of work to be performed by the Com miss ion,
(ii) need to ensure the financial self-sufficiency of the Commission, and
(iii) remuneration and allowances paid in the private sector in upstream petroleum operations \0 individuals with equivalent responsibilities, expertise and skills;

(h) structure the Commission into such number of departments as it deems fit for the effective performance of the fun et ions of the Commission; and
(i) perform such other functions as may be necessary for the efficient and effective administration of the Commission under this Act.