Petroleum Africa
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Tuesday, October 15, 2013
South Africa’s government plans to take a 20% free stake in all new oil and gas ventures. The government will also reserve the right to buy a further 30% stake at market-related rates.
The state gave notice of its intention to take a share of all new energy projects when it published planned amendments to the 2002 Mineral and Petroleum Resources Development Act in 2012. At hearings held in parliament during September, companies including ExxonMobil and Shell both voiced criticism of the law for failing to specify what size stake must be ceded, and said a lack of certainty will deter investment.
“The first 20% will be the free carried part by the state,” Susan Shabangu Minister of Mineral Resources told reporters. While the government will be able to increase its interest to 50%, it will have to acquire 30% at market-related prices, she said.
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