The prescribed state interest is provided for in the draft Upstream Petroleum Resources Development Bill, gazetted on Tuesday
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.
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