South Africa Developing Petroleum Bill
Image: Voice of the Cape
South Africa’s Department of Mineral Resources and Energy is in the process of working on a new oil and gas policy that will govern the development of oil and gas resources in the country.
This news comes as a form of reassurance for potential investors who had concerns over regulatory and policy uncertainty in the country’s petroleum sector.
“We need to speedily work to entrench regulatory policy certainty. The Department [of Mineral Resources and Energy] has begun with the process of developing a Petroleum Resources Development Bill,” South Africa’s Minister of Mineral Resources and Energy, Gwede Mantashe, said in Parliament on Tuesday.
Not expanding on the details of the new policy or when the draft would be presented to Parliament, the Minister said the bill would “provide regulatory certainty to the upstream petroleum industry and stimulate growth and development of this sector.”
Although South Africa’s oil and gas resources are underdeveloped, the country is a growing competitor in the sector and is positioning itself as a key player in the region, particularly since French oil super major, Total, announced the first significant deep-water gas condensate discovery off the southern coast of the country.
Knowledge
-
March 4, 2021Highlights of the Crowd-funding Regulations in Nigeria
-
March 2, 2021WhatsApp’s New Privacy Terms: Data Protection and Privacy Laws in South Africa
-
February 26, 2021How will free movement of Goods and Services across African borders impact the Energy Industry?
-
February 25, 2021Are you Self-Employed in Equatorial Guinea?
-
February 23, 2021A list of the major changes introduced by Nigeria’s Finance Act 2021
