Pretoria - The Department of Mineral Resources and Energy (DMRE) has announced an extension of the deadline for public comments on the draft South African National Petroleum Company (SANPC) Bill. The draft Bill, initially published in the Government Gazette in November, will now accept comments until 15 January.

According to South African Government News Agency, the purpose of the SANPC Bill is to establish the SANPC. It aims to ensure proper governance and to consolidate and transfer assets in accordance with relevant legislation. The Minister of Mineral Resources and Energy will be the sole shareholder of the company. The SANPC is envisioned as the State's central figure in energy infrastructure development, covering a wide range of responsibilities. These include managing the State's exploration and production rights and ensuring sustainable development of petroleum resources for South Africa's benefit.

The Bill details various critical components for the effective functioning of the SANPC. These elements include cooperative governance, roles of the board, and funding mechanisms. The full text of the draft SANPC Bill is available online for public access. Stakeholders and interested parties can submit their comments either electronically or via post to specified addresses provided by the DMRE.

During a recent post-Cabinet media briefing, Minister in The Presidency Khumbudzo Ntshavheni highlighted the Bill's role in consolidating PetroSA, the South African Gas Development Company (iGas), and the Strategic Fuel Fund. Ntshavheni emphasized that the Bill facilitates the creation of a State-owned enterprise to promote South Africa's active involvement in oil and gas development. Additionally, it aims to ensure energy security to support the nation's economic growth and development. The SANPC will be responsible for strategic planning, coordination, and governance of South Africa's petroleum resources, contributing to economic development and job creation.