The Upstream Petroleum Resources Development Bill was signed on 29 October 2024 by President Cyril Ramaphosa marking the transition of the Bill to an enforceable law now known as the Upstream Petroleum Resources Development Act (Act 23 of 2024) (the UPRDA). The UPRDA marks the separation of the regulatory oversight of petroleum resources from that of mineral resources, both of which previously fell under the Mineral and Petroleum Resources Development Act (MPRDA). This separation sets the stage for a new regulatory framework dedicated solely to the upstream petroleum industry. But all is not as it seems…
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