- South Africa’s Minister of Mineral Resources and Energy, Mr Gwede Mantashe, has published the draft South African National Petroleum Company (SANPC) Bill for public comment in government gazette no. 49711 of 13 November 2023.
- The bill, if passed, aims to establish a new state owned entity merging all current oil and gas companies it owns plus any future aquisitions.
The Bill aims to establish the SANPC, ensure proper governance, as well as consolidate and transfer assets of the company in line with the relevant legislation, with the Minister as the sole shareholder of the company.
The SANPC will be the state’s energy champion and facilitator of energy infrastructure across the energy value chain. Its functions will include but not limited to managing the state’s exploration and production rights, interest acquired and exercised in terms of the Upstream Petroleum Resources Development Act; ensure that petroleum resources are developed in a sustainable manner to the best interest of the people of South Africa.
The Bill outlines various aspects that will ensure proper functioning of the company, which include cooperative governance, functions of the board, and funding of the company, amongst others.
Interested and affected parties are invited to submit written comments on the Bill within 30 days of the publication of the gazette by email to: representations@dmre.gov.za or by hand / post:
70 Mentjies Street, Sunnyside Arcadia, 0001 or Private Bag X59, 0007
Link to the draft SANPC Bill HERE: https://www.gov.za/sites/default/files/gcis_document/202311/49711gon4062.pdf
Author: Bryan Groenendaal
