Hopes back for S Africa exploration with law changes

摘要

Hopes are rising that South Africa will approve new legislation early next year including compromises for the upstream industry. Back in 2014 the government proposed changes to the 2002 Mineral and Petroleum Resources Development Act which included giving the state the right to a free 20% stake in all new energy ventures and the right to buy more at an agreed price. ExxonMobil, Anadarko, Shell and Total all objected and threatened to defer investment with Shell postponing a planned well in the Orange Basin and Anadarko saying it would not drill until there was certainty.