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  • Telkom CEO Sipho Maseko to step down
    Telkom has announced that its CEO and executive director Sipho Maseko will step down on 30 June 2022. The telecoms company said the process to appoint a successor is well underway and a designated group CEO will be announced in the not too distant future.
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  • How cooking oil brought a moment of joy during a dreadful week
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  • Park Advertising launches digital performance unit, Lucid Media
    Performance Media across Search, Social and Programmatic platforms is the single fastest growing area of digital media in South Africa. Combine that with the detailed analysis of campaign management, tagging and ad operations, and it becomes apparent that these highly specialist functions require a highly specialised unit.
  • Transnet hit by cyberattack - Operations disrupted nationwide
    The Transnet Port Terminals website has been hacked, implying that all companies under Transnet have been affected. All Transnet websites were down at the time when reporting was done for this SA Trucker article. The publication cited sources who requested to remain anonymous because they are not allowed to speak to the media.
  • Business unusual for small enterprises on the road to recovery
    The Covid-19 pandemic has hit South Africa's small business sector hard and there are grim statistics to bear this out. Those statistics will not be repeated here. After all, if you are a small business owner setting out on the road to recovery, the last thing you probably want is more details of the toll the pandemic has taken on small enterprises. Far more useful would be some good, solid tips on how to build back better after any business setbacks. By Ameen Hassen
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Petroleum Bill has lift off at last

South Africa's gas potential, and interest from investors, meant government was under pressure to forge ahead with its legislative reforms needed to address upstream issues - which, until yesterday, have been in limbo.
Megan Rodgers, director, Cliffe Dekker Hofmeyr
In a media statement released on 13 May 2021, the Ministry in the Presidency announced that Cabinet has approved the submission of the draft Upstream Petroleum Resources Development Bill to Parliament.
Second significant gas discovery in SA waters

Total has made a significant gas condensate discovery on the Luiperd prospect, located on Block 11B/12B in the Outeniqua Basin, 175kms off the southern coast of South Africa...

29 Oct 2020

“The Upstream Petroleum Bill was first published in the Government Gazette on 24 December 2019. Written submission from industry stakeholders were submitted by 21 February 2020. Government consultations on the industry submissions were conducted by the Department of Mineral Resources and Energy and the Petroleum Agency between April and May 2020. In September 2020 Government verbally presented its proposed amendments to the Upstream Petroleum Bill to industry stakeholders, which amendments aimed to address the concerns of raised by industry stakeholders,” says Megan Rodgers, director at Cliffe Dekker Hofmeyr (CDH) and head of the firm's oil and gas sector.
Slow progress on petroleum bill is hampering development

Last month, Africa Intelligence reported that Total's plans to develop the offshore block 11B/12B is conditional on publication of petroleum bill...

By James Chester 1 Feb 2021

“A significant and welcomed amendment to the Upstream Petroleum Bill, would be the introduction of the petroleum right, which will govern the key terms of both the exploration and production phase. We expect to see the introduction of a retention permit which is to be granted in instances where development and production of petroleum not possible owing to unfavourable market or economic conditions and to enable a petroleum right holder to undertake gas market development, if so applicable. We also expect to see the end of granting of technical cooperation permits.

“We hope to see black-owned oil and gas companies having the right to dilute both shareholding equity and participating interest in order to raise funding to meet its participating share of costs,” said Rodgers.

She added that CDH would like to see recoverability on the state carry with a percentage of the state’s annual share of production to be allocated for repayment of its proportionate share of exploration and production costs. “We also hope to see all references to production bonus and petroleum rent tax removed from the Upstream Petroleum Bill, given these fiscal terms had not been fully formed and created investor uncertainty."

Read more: tax, permits, Oil & Gas
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