Review of Petroleum Act to address evolving challenges

April 1, 2024 7:38 am

[File Photo]

Prime Minister Sitiveni Rabuka reveals that the government is actively engaged in a comprehensive review of the Petroleum Act to effectively address the evolving challenges facing the petroleum sector.

This includes updating regulations to adapt to changes in markets and technology, fulfil climate change commitments, and clarifying existing laws.

Rabuka emphasizes the urgent need for amendments to the Petroleum Act, describing it as outdated and inadequately equipped to meet the demands of the modern energy landscape.

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The Prime Minister shed light on Fiji’s heavy reliance on imported fuels, which currently contribute a staggering 88% to the country’s primary energy supply.

“The energy policy is intended to alleviate these challenges by establishing an enabling environment for powering the nation’s energy needs in a sustainable, cost-effective, and ambitious manner.”

Rabuka also highlights the importance of collaborative efforts of stakeholders in supporting the advancement of Fiji’s energy sector.

The government reaffirms their commitment to enacting meaningful reforms and fostering a conducive regulatory environment to catalyze innovation, investment, and sustainable growth in Fiji’s petroleum sector.