Cabinet has tabled before Parliament a bill that will establish a Petroleum Commission to regulate and manage the utilization of petroleum resources.The commission is expected to take over the regulatory functions of the Ghana National Petroleum Corporation.Joy News’ Parliamentary Correspondent Sammy Darko reports the bill will among others promote, plan and ensure that the new found oil is managed to the benefit of all Ghanaians.The commission is also to serve as an adviser to the energy minister on petroleum matters.It will also ensure strict compliance with safety and environmental standards in petroleum activities and promote local participation in the petroleum industry.The bill provides for the setting up of a governing board of seven members including a chairperson, the chief executive of the commission, the chief executive of the GNPC and four other persons at least one of whom should be a woman.The commission’s Chief Executive shall be appointed by the president and will hold office on the terms and conditions specified in a letter of appointment and will act as secretary to the board.Members of the board shall hold office for a period not exceeding three years.They are however eligible for re-appointment but a member shall not be appointed for more than two terms. The bill does not however put a limit on the tenure of the chief executive.Source: Joy News/Myjoyonline.com/Ghana