Overview
- Mineral and Petroleum Resources Minister Gwede Mantashe urged faster domestic development as tensions in the Middle East push crude prices above $100 a barrel and raise the risk of sharp fuel hikes.
- Government says implementing regulations for the Upstream Petroleum Resources Development Act are in final checks and due for publication by the end of the month.
- The South African National Petroleum Company has been established to anchor meaningful state participation in the petroleum sector.
- Ministers responsible for environmental affairs committed to gazette shale gas regulations within months, and the department says it will lift the moratorium immediately once they take effect.
- Authorities are working with industry to secure alternative supply sources to keep fuel available without tapping strategic reserves, while appeals and litigation over offshore exploration continue.