Oil Law Targeted Before May Elections


News: South African legislators are expected to adopt changes to the country's mining and oil laws before the Parliament adjourns ahead of the general election on May 7, reports Bloomberg. The proposed amendments to the 2002 Mineral and Petroleum Resources Development Act include providing the state with the right to a free 20% interest in all new energy ventures. The act also compels some producers to partially sell output to local processors. The National Assembly is expected to vote on the law before adjourning on March 13; thereafter it will be referred to the National Council of Provinces (NCOP). Faith Bikani, acting chairperson of the Parliament's mineral resources committee, said the NCOP must have sufficient time to hold hearings and vote on the law before the recess (Bloomberg).

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Related sectors of this article: Oil & Gas, Upstream, Exploration, Development, Production, Energy Policy
Geography: South Africa