NEMA : Amendment to the Regulations pertaining to the financial provision for prospecting, exploration, mining or production operations
April 20, 2018  

Supplied by IAIAsa Administrator from IAIAsa

Amendment to the Regulations pertaining to the financial provision for prospecting, exploration, mining or production operations

The Minister of Environmental Affairs has amended the Financial Provisioning Regulations, 2015 in terms of section 44(aE), (aF), (aG), (aH) read with sections 24(5)(b)(ix), 24(5)(d), 24N, 24P and 24R of the National Environmental Management Act, 1998 (Act No.107 of 1998), as set out in the Schedule hereto.

R. 452 National Environmental Management Act (107/1998): Amendment to the regulations pertaining to the Financial
Provision for prospecting, exploration, mining or production operations

Message from DEA

  1. This is amendment regulation published for implementation.  The amendment was part of the draft regulations previously published for public consultation
  2. Further amendments are in process and will be published in the near future for further consultation
  3. The amendments only apply to right holders of offshore oil and gas who applied for rights prior November 2015.  They need more time to adjust their fin provision to the new regulations.  They need to comply with existing arrangements.