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51463upstreampetroleumresourcesdevelopmentactno232024.pdf | 1.26 MB |
23 of 2024
The Upstream Petroleum Resources Development Act 23 of 2024 intends:
- to provide for orderly development of petroleum resources;
- to provide for equitable access to, and sustainable development of, the nation’s petroleum resources;
- to provide for active State and black persons’ participation in the development of the nation’s petroleum resources;
- to provide for a petroleum right that integrates the right to explore and to produce;
- to provide for the facilitation of acquisition of petroleum geo-technical data;
- to provide for a controlled application system through licensing rounds;
- to create an enabling environment for the acceleration of exploration and production of the nation’s petroleum resources;
- to provide for third party access to upstream petroleum infrastructure;
- to provide for a petroleum right holder to sell a percentage of petroleum to the State for strategic stock requirements;
- to designate a state-owned company as an entity responsible for managing the State’s carried interest in petroleum rights;
- to provide for the advancement of national developmental imperatives by the state-owned company through the development of petroleum resources;
- to provide for the holder of a petroleum right to retain its empowerment status after the exit of black persons under circumscribed circumstances;
- to provide for local content as a development strategy to enable skills development, local recruitment and national participation through supply of goods and services;
- to designate the Petroleum Agency of South Africa as the regulatory authority for the upstream petroleum sector; and
- to provide for matters connected therewith.
Commencement
To be declared.