The public has less than 30 days in which to comment on the South African National Petroleum Company (SANPC) Draft Bill which the Energy Minister, Gwede Mantashe, has published.
The bill seeks to establish a company, ensure proper governance as well as consolidate and transfer assets.
Mantashe says the company will be the state’s facilitator of energy infrastructure across the value chain.
In terms of the bill, the company will be in charge of managing the state’s exploration and production rights and ensuring that petroleum resources are developed in a sustainable manner.
In a statement, the Department of Mineral Resources and Energy says the bill aims to establish the SANPC to 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 department says 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.
DOCUMENT: The South African National Petroleum Company draft bill: