CATEGORIES
- (27)Agriculture, Land Reform & Rural Development
- (24)Auditors & Accountants
- (6)Broad-based Black Economic Empowerment
- (5)Built Environment
- (55)Communications & Digital Technologies
- (2)Company Law
- (2)Consumer Law
- (10)Courts
- (2)Criminal Law
- (1)Cybercrimes
- (2)Disaster Management
- (11)Education & Training
- (4)Electoral Law
- (90)Environmental Law
- (4)Family Law
- (132)Financial Sector
- (3)Fisheries & Aquaculture
- (5)General Interest
- (18)Health & Safety
- (22)Home Affairs
- (3)Housing
- (14)In the Spotlight
- (1)International Co-operation
- (73)Justice & Constitutional Development
- (50)Labour Law
- (16)Legal Practice Council
- (18)Local Government
- (23)Minerals & Energy
- (1)Monetary Policy
- (1)National Development Plan
- (16)National Treasury
- (63)New Legislation
- (12)Opportunities for Public Comment
- (6)POPIA
- (276)Parliament
- (1)Practice Management
- (4)Presidency
- (13)Property Law
- (8)Public Service
- (3)Retirement Reform
- (13)Road Accident Fund
- (21)Safety and Security
- (7)Small Business Development
- (21)Social Development
- (9)Sport, Arts & Culture
- (14)State Owned Enterprises
- (4)State of Disaster (energy)
- (18)Taxation
- (7)Tourism
- (61)Trade, Industry & Competition
- (34)Transport
- (15)Water & Sanitation
- Show All
PETROLEUM RESOURCES BILL SIGNED INTO LAW BUT NOT IN FORCE
- 29 October 2024
- Minerals & Energy
- SA Legal Academy
The Upstream Petroleum Resources Act has been unceremoniously gazetted but has not yet been operationalised. At the time of writing, no related Presidency statement had been issued. However, according to section 111 (commencement), specific sections and provisions may be proclaimed effective on different dates.
Once in force, the Act will substantively amend the Mineral & Petroleum Resources Development Act, 2002 – removing petroleum-related provisions and operationalising an independent piece of legislation dedicated to petroleum resource development. According to a memorandum on the objects of the Bill concerned, this is with the intention of stabilising the country’s upstream petroleum sector and facilitating the certainty and security required by prospective investors.
Linked to a South African National Petroleum Company Bill expected to be tabled in Parliament soon, the Act’s section 34 makes a ‘state petroleum company’ responsible for managing state participation in exploration and production activities through a 20% carried interest in petroleum rights’.
Published by SA Legal Academy Policy Watch
Follow us on X @SALegalAcademy (you can also join us on LinkedIn and Facebook)