The state and black participants to have minimum stakes in oil and gas projects
In terms of the draft bill, every exploration or production right must have a minimum of 10% participating interest by black people
The state is to have a 20%, cost-free interest and black participants a minimum 10% stake in all petroleum projects in terms of a draft bill gazetted by the department of mineral resources and energy on Tuesday.
The draft Upstream Petroleum Resources Development Bill has been published with cabinet consent for public comment, which is open until February 21. It has its origins in the Mineral and Petroleum Resources Development Amendment Bill, which was withdrawn partly so that petroleum resources could be dealt with in a separate piece of legislation...