French oil and gas giant, Total, said Thursday that its profits were hit by the falling oil price and low refinery margins in the second quarter.
The oil industry, under mounting pressure from environmental activists to react more quickly to counter climate change, has begun to adapt its strategy but is struggling to convince critics it is doing enough.
Energy experts say it’s time for the country to look to gas to transform the economy, but a suitable policy will be necessary.
Many South African politicians, economists and specialists in the energy sector are celebrating the news that a promising show of natural gas has been discovered in deep water south of Mossel Bay. It was found in an offshore prospecting area called Brulpadda, which is licensed to global energy giant Total.
French oil company Total said on Saturday it plans to drill 13 wells on block 17, offshore Angola, in order to maintain production of 400,000 barrels per day of crude until 2023 in Africa’s second largest crude producer.