One cost of looking for oil and gas in SA waters is going up by 12,740%
An application for exploration rights, or the renewal of such a right, had previously been charged at R1,000. Mantashe intends to change that amount to $4,000, or well over R70,000.Offshore petroleum explorers must also pay an annual fee that is calculated based on the size of the section of ocean floor they claim. At the moment, that fee is R200,000 per degree square, which covers about 10,000 square kilometres.
The fees are due to automatically increase by the rate of consumer inflation every year, and renewal fees ratchet up so that, by the third year of renewal, the minimum payment is $250,000.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Concern at Impact of Ongoing Transnet Strike - South African News Briefs - October 13, 2022
Read more »
Africa: Before Moving Forward, King Charles III Must Address the Commonwealth's Past With AfricaBlog - Africa's relationship with the British monarchy is fraught with complications, not least being that the cornerstone of their modern affiliation, the Commonwealth, is rooted in a dark legacy of colonialism and empire.
Read more »
Africa: 2022 MTV EMAs - Tems, Burna Boy, Ayra Starr Nominated for Best Africa ActMTV has announced nominations for the '2022 MTV EMAs' with Africa's blazing stars from Nigeria, Ghana, Tanzania and South Africa securing nominations, again.
Read more »
Africa: How Western Countries Could Stop Africa Making Vaccines of the FutureWhile Western donors have stumped up significant funding for a programme to make Covid-19 vaccines in Africa, activists say more support is needed to help poor countries secure the intellectual property rights they need to produce mRNA vaccines beyond the pandemic.
Read more »
What happens when South Africa is greylisted?[ADVISOR VIEW] If SA is greylisted, it will necessitate greater enhanced due diligence on South Africans and businesses and more frequent and intrusive evaluations for anti-money laundering: MichaelHaldane - GlobalLocalZA. Economy Finance
Read more »