South Africa publishes legislation to replace current NOCs

South Africa has published legislation to create a new national oil company, Upstream Online reported on Wednesday.

The new entity will combine the country’s three state-run oil companies, the South African Gas Development Company, the Strategic Fuel Fund and PetroSA.

It will oversee the country’s E&P licences, develop the country’s upstream, midstream and downstream assets and work in the power generation sector including constructing renewables facilities.

South Africa’s Minister of Mineral Resources and Energy Gwede Mantashe will be the sole stakeholder of the company.

The South African National Petroleum bill follows the Upstream Petroleum Resources Development bill that is now before the National Council of Provinces.

The Upstream Petroleum Resources Development bill paves way for a new national oil company that will manage the state’s planned 20% in all petroleum concessions.