Government publishes technical regulations for fracking

South Africa
Johannesburg, October 11 – Government could acquire up to 50% equity in all new shale gas and petroleum exploration ventures. That’s if a draft amendment to the Petroleum Resources Development Act is passed by parliament. eNCA
 

PRETORIA - Government could acquire up to 50-percent equity in all new shale gas and petroleum exploration ventures.

That’s if a draft amendment to the Petroleum Resources Development Act is passed by parliament.

The publication highlights draft technical regulations that will govern the explorations.

The regulations cover the potential impact of fracking on the environmental, fresh water resources and biodiversity.

Mineral resources minister Susan Shabangu says due to the strategic nature of petroleum and Shale gas, cabinet resolved that the state would be entitled to twenty percent free equity, and could increase this to fifty percent by purchasing shares in exploration ventures.

 

* Watch eNCA reporter, Thulasizwe Simelane's video package above where he looks into government making good on the ANC resolution to acquire ownership in mineral sectors deemed to be strategic.

 

And on Twitter...

 

 

-eNCA

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