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South Africa publishes draft petroleum bill
South Africa’s draft Upstream Petroleum Resources Development Bill was published for public comment on 24 December. The draft immediately attracted criticism for its generous provision of a 20% carried interest for the state in upstream projects, plus a minimum 10% black-owned interest. Comments must be submitted to the Department for Mineral Resources and Energy by 21 February 2020.The bill provides for the state, via state oil company PetroSA, to take a 20% carried interest in exploration and production rights, including voting rights and a presence on the joint operating committee.
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