The South African Cabinet has granted approval for the publishing of the draft Upstream Petroleum Resources Development Bill for public comments.
The publishing of the Bill is a critical step in the regulatory process, and provides an opportunity for the investment community, as well as all interested and affected parties, to share their inputs on the proposals by Government.
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The proposed Bill aims to strike a balance between the need to attract investment into this key sector of the economy, and ensuring the potential of the upstream petroleum industry benefits all South Africans.
The public comment period is 30 days from the date of gazetting.
However, taking into account that the public comment period will run over the festive season, and to afford interested and affected parties sufficient time to consider the documents and make their inputs, the closing date for submissions is hereby extended.
The closing date for submission of written representations is therefore, Friday 21st of February 2020.