Energy experts say it’s time for the country to look to gas to transform the economy, but a suitable policy will be necessary. They met at the African Energy Chamber’s Power breakfast in Johannesburg on Wednesday.
The topic for discussion was: The Role of Oil and Gas in developing the economy, lessons from Africa and creative a value chain towards 2022 and beyond.
The recent find by French oil and gas company Total, off the Southern Cape coast, presents a good opportunity for the country.
In February, the company announced that it had found gas condensate on the Brulpadda Prospects in the Outeniqua basin.
Kishan Pillay from DTI says the Total find is still in its early stages.
“The Total find is at its early stages. It is a very greenfield industry, so we need to ensure that our policy environment takes cognisance of that, so we enable, in the one hand, and strive to meet developmental goals on the other hand. As and when the industry matures, so can the policy environment and so, can the developmental objectives along the way.”
It represents about a billion barrels of oil equivalent. It is estimated that this gas find is worth R1 trillion that could be added to the economy while opening up more job opportunities.
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