Latest Breaking News On - Following cabinet - Page 1 : comparemela.com

Getty Images Following Cabinet approval, the Draft Upstream Petroleum Resources Development Bill will now be submitted to Parliament. The proposed legislation will afford government - via state-owned PetroSA - the right to a 20% stake in all oil and gas exploration and production projects in South Africa. The law will provide separates rules for the petroleum (oil and gas) and mining sector.  The bill, which was first published in December 2019, details the application system for permits, the issuing and transfer of rights.  In a statement following a meeting last week, Cabinet stated that the bill create[d] a conducive environment for investment, growth and job creation in the upstream of petroleum resources market as well as strategic stock requirements for petroleum rights holders to sell a percentage of petroleum at prevailing market price to the state petroleum company. 

South africaSouth africanDraft upstream petroleum resources developmentFollowing cabinetவரைவு அப்ஸ்ட்ரீம் பெட்ரோலியம் வளங்கள் வளர்ச்சிபின்வருமாறு மந்திரி சபை