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Thursday, Sep 12
South African oil law changes will deter investment, companies say
- Sasol (SSL -1.2%) urges South Africa to say what size stakes it plans to take in new energy ventures under proposed changes to the law as a way to reduce industry opposition.
- The chance of commercial success for exploration projects is 10%-30%, and risks and rewards should be shared among all participants, SSL says.
- The country's parliament is holding public hearings into amendments that would give the state a holding in new oil and gas projects, a plan that has drawn opposition from companies such as Exxon (XOM) and Shell (RDS.A, RDS.B).