South Africa takes a step closer to establishing a National Petroleum Company
Call for comments on draft bill
SOUTH AFRICA: South Africa’s intention to establish a National Petroleum Company (NPC) took a step forward this week with the release for comments of the Draft South African National Petroleum Company Bill. Interested parties have until 13 December to make submissions on the Bill.
The aim is to transfer resources and assets from the South African Gas Development Company (IiGas), Strategic Fuel Fund (SFF) and Petroleum Oil and Gas Corporation of South Africa (PetroSA) to South African National Petroleum Company.
According to the draft bill all personnel of these companies will be transferring to the NPC and receive comparative benefits.
It is envisaged that the NPC will generate funds from licences related to exploration and production activities as well as from technical, commercial, engineering or other services rendered to external parties.
Comments can be emailed to Ms Stella Mamogale at representations@dmre.gov.za by no later than Wednesday, 13 December 2023.
909