MINERAL AND PETROLEUM RESOURCES DEVELOPMENT BILL INTRODUCED TO PARLIAMENT

Tuesday, June 25, 2013
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The Mineral and Petroleum Resources Development Bill [15 of2013] (“the Bill”) was introduced into Parliament on 21 June 2013 and published on 24 June 2013. The Bill has amended some of the problematic aspects of the draft Bill, which was published in December last year, such as the failure to provide for a procedure for the partitioning of rights and the requirement to apply for the Minister of Mineral Resources’ consent in order to transfer “any interest” in a listed company. However, a number of the main concerns identified by the oil and gas industry, including the amendments related to the beneficiation of petroleum resources, state participation and local content requirements, have not been addressed.

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