https://en.sputniknews.africa/20241101/south-african-president-approves-law-regulating-countrys-oil-production-presidency-says-1068981593.html
South African President Approves Law Regulating Country's Oil Production, Presidency Says
South African President Approves Law Regulating Country's Oil Production, Presidency Says
Sputnik Africa
The purpose of the law, approved by the president of South Africa, is to accelerate the exploration and development of petroleum as part of the social and... 01.11.2024, Sputnik Africa
2024-11-01T15:01+0100
2024-11-01T15:01+0100
2024-11-01T15:21+0100
sub-saharan africa
cyril ramaphosa
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South African President Cyril Ramaphosa has assented to the Upstream Petroleum Resources Development bill, aimed at the regulation of the country's oil production, the presidency of South Africa said in a press release on Thursday.The legislation recognizes that South Africa's petroleum resources belong to the nation and that the state is the guardian of these non-renewable natural resources, which must contribute to South Africa's social and economic development, the presidency added.The new law provides for recruitment of local specialists and skills development in oil production projects. It also requires the maintenance of stable regulations and security of tenure at the state level. The new law also separates petroleum and mineral provisions to create a favorable environment for attracting investment in the sphere.
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cyril ramaphosa, south africa, economy, southern africa, oil, petroleum, employment, minerals, development, legislation, law
cyril ramaphosa, south africa, economy, southern africa, oil, petroleum, employment, minerals, development, legislation, law
South African President Approves Law Regulating Country's Oil Production, Presidency Says
15:01 01.11.2024 (Updated: 15:21 01.11.2024) Alla Shukanova
Writer / Editor
The purpose of the law, approved by the president of South Africa, is to accelerate the exploration and development of petroleum as part of the social and economic development of the country, according to the press release.
South African President Cyril Ramaphosa has assented to the Upstream Petroleum Resources Development bill, aimed at the regulation of the country's
oil production, the presidency of South Africa said in a press release on Thursday.
"The bill provides for the orderly development of petroleum resources and equitable access to and sustainable development of the petroleum resources," the press release read.
The legislation recognizes that South Africa's petroleum resources belong to the nation and that the state is the guardian of these non-renewable natural resources, which must contribute to South Africa's social and
economic development, the presidency added.
The new law provides for recruitment of local specialists and skills development in oil production projects. It also requires the maintenance of stable regulations and security of tenure at the state level. The new law also separates petroleum and mineral provisions to create a favorable environment for attracting investment in the sphere.
