South African oil group seeks to amend new law to woo investors

Some oil explorers are “not satisfied” with South Africa’s long-awaited rules for the industry that were signed into law last month by President Cyril Ramaphosa, according to a lobby group. The Upstream Petroleum Resources Development Act published on Oct. 29 includes regulations for the ownership of oil and gas blocks and their development. The law has been anticipated for years as Shell Plc and other companies delayed activity or withdrew completely from South African acreage, citing regulatory uncertainty.