Key petroleum legislation delayed in South Africa
Until the Mineral Petroleum Resource Development Act (MPRDA) is passed investments are uncertain
Investors are still waiting for key legislation governing South Africa’s petroleum sector, which has been delayed in parliament since early in the year. Until the Mineral Petroleum Resource Development Act (MPRDA) is passed it is inevitable that the uncertainty will inhibit investment. The biggest difficulty for oil companies in terms of the proposed legislation for upstream oil and gas activities is the stake that the South African government wants to take in oil and gas ventures. It not only includes a substantial upfront 20% free-carried interest but it also allows it to take a further undetermined stake at what is being described as being at an “agreed price.” Oil companies opposed the p
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