South Africa’s Draft Upstream Petroleum Resources Development Bill has been submitted to Parliament following approval from President Cyril Ramaphosa’s Cabinet last week. The highly anticipated Bill will replace sections of the current Minerals & Petroleum Resource Development Act and is expected to provide separate and comprehensive frameworks for the country’s petroleum and mining sectors.

Initially published in 2019, the Bill provides the legislative and regulatory framework to create a conducive environment for investment, growth and job creation in the upstream of petroleum resources market.

The Bill provides clarity on the application system; permits and rights issuing; transferability of the rights and participation of the State. By detailing specific inclusivity requirements, the Bill aims to significantly increase participation by local companies, as well as facilitate integration within every area of the upstream value chain so as to maximize socioeconomic benefits and growth.

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Source: EnergyCapitalPower