AMENDMENT TO THE REGULATIONS PERTAINING TO THE FINANCIAL PROVISION FOR PROSPECTING, EXPLORATION, MINING OR PRODUCTION OPERATIONS
Title: Amendment to the Regulations pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations
Government Gazette Notice: GN R452 in GG 41584 of 20 April 2018
Commencing date: 20 April 2018
The Minister of Environmental Affairs amended the Financial Provisioning Regulations, 2015 by inserting regulation 17A into the Regulations. In terms of the amendment holders of offshore oil or gas exploration or production rights have until 19 February 2024 to comply with the requirements of the Financial Provisioning Regulations, 2015. Until 19 February 2024 holders will be regarded as having complied with the provisions of these Regulations if such holder has complied with the provisions and arrangements regarding financial provisioning, approved as part of the right issued in terms of the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002).
So what for my operation?
Holders of offshore oil or gas exploration or production rights must assess and adjust its financial provisions by 19 February 2024 to comply with the requirements of the Regulations.