The Petroleum Board is established under Section 6 of the Petroleum Act for the promotion of orderly development and management of Solomon Islands’ petroleum resources. In carrying out this role, the Board also advises the Minister of Mines on the following matters:
- The terms and conditions attached to the grant and renewal of Petroleum Licenses;
- Cancellation of Petroleum Licenses or termination of Agreements;
- Amount of any royalty to be paid and the manner and conditions of payment of any royalty;
- Terms under which the State or its agency may acquire any interest in any venture for the recovery of petroleum; and
- Any other matter which the Minister may assign to the Board.