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Global Energy Advisory – 9th May 2014

Regulatory Intelligence

Changes in South Africa’s petroleum law give the state a 20% stake in new ventures, prompting US oil and gas explorer Anadarko Petroleum to halt spending on exploration in South Africa until it has more clarity on the law. South Africa's parliament passed the changes to the law in April, sparking controversy among the investment community. The law gives the state 20% free carried interest and allows the government to increase its share of a project by acquiring a greater stake at an agreed price or by production-sharing agreements. The legislation also gives the mines minister sweeping powers to categorize certain minerals as "value-additions", which means a portion would have to be processed domestically instead of exported in raw form. Interestingly, the legislation was pushed through very quickly, clearly with the political aim of affecting May elections. Exploration of South Africa’s proven oil reserves of 15 million barrels in the south and off the west coast near the Namibian border will be affected.

Oil exports from Iraq’s Kurdistan region have resumed at a volume of 100,000 barrels per day through a pipeline to Turkey that bypasses the Iraqi central authorities in Baghdad. This crude will be up for sale on international markets in the coming days. The Kurd’s direct exports to Turkey have been in place since December, while the Turks have been storing the crude at their port in Ceyhan in an attempt to appease…

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