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OFFSHORE EXPLORATION AND PRODUCTION RIGHTS: FINANCIAL PROVISIONING FOR ENVIRONMENTAL OBLIGATIONS
- 01 February 2024
- Environmental Law
- SA Legal Academy
The Department of Forestry, Fisheries & the Environment has gazetted amendments to transitional arrangements in the November 2015 financial provisioning regulations for mining rights holders. The amendments apply expressly to the holders of offshore exploration and production rights whose applications were made before 20 November 2015 under the Mineral & Petroleum Resources Development Act (MPRDA), 2002.
In terms of the amendments, the transitional arrangements will remain in place until an unspecified date – which will be gazetted when it has been determined. Meanwhile, the holders of offshore exploration and production rights for which applications were made before 20 November 2015 under the MPRDA (and who comply fully with financial provisioning requirements in place at the time) will be regarded as compliant with the 2015 regulations.
This move follows a somewhat confusing proposal for changes to the transitional arrangements timeframe released in November 2023 for public comment – and on which the SA Legal Academy reported at the time.
According to the Government Gazette notice to which the latest amendments are attached, this apparently indefinite extension is necessary because other amendments to the 2015 financial provisioning regulations are still being finalised. For the foreseeable future, affected rights holders ‘will therefore not have certainty as to the requirements for setting aside the financial provision’.
- latest amendments to the transitional arrangements
Published by SA Legal Academy Policy Watch