South Africa May Curb Shell's Oil Exploration Over Gas-Pump Exit [BNN Bloomberg (Canada)]
BP p.l.c. (BP)
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Source: BNN Bloomberg
The oil major is selling its shareholding in Shell Downstream South Africa, which includes a network of 600 gas stations across the country, following a review of its business across regions and markets. Mineral Resources and Energy Minister Gwede Mantashe said he's requested a meeting with Shell officials to discuss the matter. “They still want to stay upstream, so what we should be doing, we should be more reluctant to grant licenses and permits, at that level, to Shell,” Mantashe said in an interview Thursday on the sidelines of an election campaign event in Richards Bay. Shell's oil-exploration business has faced multiple challenges in South Africa, where the company has relinquished licenses over legislative uncertainty. The nation's Upstream Petroleum Resources Development Bill has yet to be finalized after a process that's dragged on for years. Environmental groups have also blocked exploration for hydrocarbons in South African waters through legal action. Read More: She
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