1. HON. Members, we need to encourage foreign companies to explore and invest in South Africa.
2. This Bill seeks to transform the mineral industry, at the expense of the oil and gas industry which still must be established. Most African countries have an Oil and Gas Act, which Act would be critical to the development of the industry in South Africa
3. The implementation of the Bill would thus result in the loss of foreign investment in South Africa’s oil and gas industry.
4. HON. Members, we need oil and gas needed investment, and for investment to generate into real revenue, so that beneficiation could take place.
5. What we need is a separate Oil and Gas Act in South Africa with a regulatory authority.
6. HON. Members, the comments of all parties must be taken into consideration with a view to producing an Amendment Bill to serve the interest of country foremost and that of the industry.

Thank you.

Shameen Thakur-Rajbansi

Minority Front Leader (KZN Legislature)