South Africa Proposes 20% Carried Interest in Oil and Gas Law
- Upstream petroleum bill published in government gazette
- Exploration, production rights to have 10% black participation
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South Africa published a long-anticipated draft of oil and gas legislation that will give the state a 20% carried interest in exploration and production rights, with the aim of increasing development of the industry.
The policy also calls for at least a 10% participating interest by black partners and the establishment of a Petroleum Agency, according to a draft published Tuesday by the Department of Mineral Resources and Energy in the Government Gazette.