In terms of the draft bill, every exploration or production right must have a minimum of 10% participating interest by black peopleMineral resources and energy minister Gwede Mantashe. Picture: PUXLEY MAKGATHO
The state, through PetroSA, will have a right to a 20% “carried interest” in exploration and production rights. The costs of the carried interest will not be born by the state. PetroSA will have to appoint two or more representatives to the joint operating committee of the exploration or production operation to represent the state.
When the need arises, the minister may also, through a gazette notice, require a production-right holder to avail certain volumes of oil or gas to provide for the country’s strategic stock, paying fair market value for the acquisition.
Legalised robbery
I read that as 'minimal' and had hope. Then I realised the word is 'minimum' and hope turned into despair. Usual commie ANC shit once again - they won't stop until we're as kak as Russia or Venezuela.
We have to make SA great (again) 🙈🙈🙈
It sounds about right. In the New Soviet Union (South Africa's new name) the people's party wants to own the oil rights. If a company that want to pay all expenses and have to share the profits and beg for right to drill do such business. Let them continue.
As long as they pay for their share, risk for reward, sorry not anc business Practice, tax payer to pay their share, and bail out thereafter.
solidariteit NO STAKES!!!
Sounds & Smells very very Russian to me
StopPlaasmoorde Fokitdisdof
StopPlaasmoorde More money to loot.
The ANC is going to eat. Maybe the Guptas can run the programme
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The state and black participants to have minimum stakes in oil and gas projectsThe prescribed state interest is provided for in the draft Upstream Petroleum Resources Development Bill, gazetted on Tuesday just like the mafia They loot everywhere How about no stakes? Why only black participants? What about the rest of the people in SA? Only their tax money matter?
Source: BDliveSA - 🏆 12. / 63 Read more »