Petroleum Laws Amendment Act, 1998. Country/Territory Namibia Document type Legislation Date 1998 Source FAO, FAOLEX Long titleAn Act to amend the Petroleum (Exploration and Production) Act, 1991, so as to make provision for the extension of the duration of exploration licences; to further regulate the obligation of holders of exploration licences in terms of the terms and conditions of any such licences; to rectify the provisions of section 41 in relation to discoveries which are of commercial interest; to provide for the submission of decommissioning plans together with applications for production licences; to make different provision for the royalty payable on petroleum in respect of licences issued after the commencement of this Act; to further regulate the annual charges payable by holders of exploration and production licences; and to provide for the decommissioning of facilities on the cessation of production operations; to amend the Petroleum Taxation Act, 1991, so as to reduce the rate of petroleum income tax; to provide for the allowance of deductions in respect of annual contributions to trust funds established for purposes of decommissioning of facilities in certain areas; to levy tax on surplus amounts in such trust funds; to provide for the allowance of deductions in respect of exploration expenditure incurred in any one or more other licence areas where no gross income was received; to make other provision for additional profits tax payable by the holders of production licences issued after a certain date; and to make further provision for the modification of Part III by virtue of terms and conditions contained in a petroleum agreement in relation to participation by the National Petroleum Corporation of Namibia in exploration or production operations; and to provide for incidental matters. Subject Mineral resources Keyword Mining Soil rehabilitation Policy/planning Geographical area Africa, Southern Africa Abstract This Act makes various amendments to the Petroleum (Exploration and Production) Act, 1991 with respect to the decommissioning of petroleum installation and activities and in relation to this the restoration of the environment. Decommissioning shall take place in accordance with one or more Decommissioning Plan(s) to be approved by the Ministers of Environment, Fisheries and Finance. Such plans shall set out, amongst others, the measures proposed to be taken after cessation of such production ope Full text English Website www.mme.gov.na References - Legislation Amends Petroleum (Exploration and Production) Act, 1991. Legislation | Namibia | 1991 Keyword: Environmental standards, EIA, Liability/compensation, Mining, Oil, Institution, Minerals, Exploration, Authorization/permit Source: FAO, FAOLEX