Eledui saidthough the legislation is in the drawing board , the committee will also take into account the work of the Oil and Gas Task Force review and recommendations.
“We are working on it, we are working very hard trying to put a legislation together,” Eledui said.
The legislation however will not touch on the subject on the constitutionality of the oil agreement with Palau Pacific Energy Exploration signed by President Johnson Toribiong.
The committee will come up with a proposed measure on developing petroleum regulatory policies, rules and regulations for exploration.
Earlier,Palauhas received a grant from the World Bank in the amount of$ 223,324.57 equivalent toward the cost of the Palau Oil and Gas Technical Assistance Project.
The development of the legal and regulatory framework will need to take into account Constitutional and existing laws pertinent to the oil and gas sector, most particularly, those relating to the environment, financial oversight, taxation, auditing, procurement and general executive and legislative oversight and management.
President Johnson Toribiong met with the members of the Task Force for a briefing on the oil agreement he signed last week. Eledui is also a member of the task force.
The president said he urged the task force to proceed with the framework.
The Oil and Gas Task Force was created onFebruary 2007 by former President Tommy Remengesau Jr.
