The aim of this study is to identify stakeholders in project life cycle of capital projects in a State-Owned Enterprise in South Africa. The research was conducted in a bulk water supplier state-owned enterprise and it has found that identification of stakeholders is a known phenomenon in the enterprise, but that the process has not fully matured yet. Despite the effort by the Project Management Body of Knowledge to update the 4^th and 5^th addition by adding stakeholder management as knowledge area, it is not fully practiced in industry. The study presents a stakeholder identification framework and recommends that the organization improves the internal stakeholder identification processes by employing the framework for reduced project delays and cost minimization. Furthermore, the framework represents foundational work to study and advance stakeholder identification within the capital project environment.