http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-25_2560364

Cape Town - South Africa has the potential to become a more significant oil and gas producer, with a new petroleum act paving the way for more exploration, an official at the Petroleum Agency of South Africa said on Friday.

David van der Spuy, the agency's manager for resource evaluation, said companies active in the country have resumed exploration put on hold during the changes in the law and other companies have come in to secure blocks both on and offshore.

The new law ensures that historically disadvantaged South Africans can participate in the sector.

The agency, which regulates the country's exploration on behalf of the government, on Thursday awarded the exploration licences for two of South Africa's offshore areas to oil major Shell and Singapore's Silver Wave Energy.

"There are still some large areas that are unexplored in South Africa, including far offshore areas , in terms of geology, there is a possibility of larger amounts of oil," van der Spuy told Reuters on the sidelines of an oil conference.

He said the southern Outeniqua basin, currently explored by Canadian Natural Resources, had potential for large oil accumulation, as well as the deeper part of the Orange basin, off the west coast, where BHP Billiton and Shell are active.

Van der Spuy said new substantial gas discoveries were also possible, adding that geological structures were located that were similar to the vast gas deposits found in the Kudu field off the coast in Namibia.

The authority awarded a production licence to US gas explorer Forest Exploration International to start producing gas from its Ibhubesi project off the west coast of South Africa.

RSA

try again

Although the story is true but I was just rubbing my asss in some Naija peeps face

To RSA, South Africa does have OIL though we haven't touched our waters. Pls read this link we have about 12-30 BILLION BARRELS OF OIL. Never mind the SHALE GAS.

http://www.energy.gov.za/files/IEP/presentations/OilandGasReservesInSA_30March2012.pdf

PREPARE TO SEE SOUTH AFRICA CELEBRATING OIL DISCOVERY SOON(official statement its a crysecret just like Russia that kept it a secret to reveal their diamonds trillion dollar wealth).Namibia has started rigging its OIL. Namibia has 16 BILLION BARRELS of oil recently the researchers have found out that have 50 billion barrels of oil their rocks formations are similar to Brazil. While Falkland Islands near Argentina have discovered 60 billion barrels of oil their rock formations are similar to West Coast of South Africa. Here the link to SA contigent oil=30billion barrels.

http://www.energy.gov.za/files/IEP/presentations/OilandGasReservesInSA_30March2012.pdf

PREPARE TO SEE SOUTH AFRICA CELEBRATING OIL DISCOVERY SOON(official statement its a (secret just like Russia that kept it a secret to reveal their diamonds trillion dollar wealth).Namibia has started rigging its OIL. Namibia has 16 BILLION BARRELS of oil recently the researchers have found out that have 50 billion barrels of oil their rocks formations are similar to Brazil. While Falkland Islands near Argentina have discovered 60 billion barrels of oil their rock formations are similar to West Coast of South Africa. Here the link to SA contigent oil=30billion barrels.

http://www.energy.gov.za/files/IEP/presentations/OilandGasReservesInSA_30March2012.pdf

This is good news for the economy. South Africa is alive with possibilities. This country is always inspiring new ways

Today Namibia has started its OIL rig, in 2009 they dicovered 9bbl and by 2012 they realised they had more 16bbl. Brazilian oil company and Tullow discovered has about 50 billion barrels of recoverable oil. This alone is good news for us as Namibia is our brother or our 10 province.Not forgeting Madagascar(21 bbl of oil) and Mozambique(7bbl) who will also depend on us on their OIL and benefit on the other hand. Did u knw SASOL has bought out a Canadian firm in Naija. We have stakes there also.

TO MY FELLOW SOUTH AFRICANS THERES A RESEARCH THAT WAS RELEASED BY PETROSA AND SHELL THAT SHOWS THAT THERES ALOT OF OIL LYING UNTAPPED ON THE WEST COAST OF SOUTH AFRICA. Soon theyr going to make this official, the reason for the delays is because of the new MINING AND OIL BILL. Thats scaring foreign firms like Shell and others.

THIS IS FROM THE OPPOSITION PARTY.
Acknowledging the fact we're a BLESSED NATION. THERES A CHANCE THAT WE HAVE MORE OIL THAN NIGERIA OR LIBYA.
PetroSA's 1st paper on our oil potential stands at 30 billion barrles of contingent oil.
Cape Times

South Africa: SA Today
2 June 2013
Related Topics


There is light at the end of the tunnel for South Africa's economic and unemployment crisis. But will the ANC extinguish it? When I read this excellent speech by James Lorimer MP, the DA Shadow Minister of Mineral Resources recently, during a Parliamentary budget debate, I thought many more people should do so too. I asked him to edit it, so that I could circulate it as "SA Today".

Despite all of South Africa's mineral resources we sometimes don't think we're really resource blessed.

The belief that South Africa is probably surrounded by rich oil fields has arisen because of a new research about our offshore geology.

Most people already know that we've got offshore gas in the relatively shallow waters off Mossel Bay. But the new research is that the gas off the West coast is not an "outlier", but rather an indication there could be much, much more down there. It all relates to developments many millennia ago, when the continents were closer together. Part of South America was snuggled up against the Cape, more or less where the Falkland Islands are now. And oil has been found in the seabed off the Falklands.(note Falklands have discovered 60 billion barrels of oil).

The allocations have gone to big oil drilling players, like Shell, Total, ExxonMobil and Anadarko. All of them reckon there's a strong chance there might be oil or at least significant amounts of gas in the deep and hitherto unexplored seabed off our coast. One industry expert says they're hoping for oil and expecting lots of gas.

One Texas-based large oil and gas exploration and production company, that found significant oil off the coast of Ghana resulting in Ghana becoming one of the fastest growing economies in Africa, has also recently discovered a vast gas field off the Mozambique coast, containing the equivalent of the known gas reserves of Qatar. The company has interests in a block off the coast of Cape Town and will possibly need to risk around $250 million in order to ascertain whether there is a significant oil field lurking somewhere in the deep water, below the seabed.

[img][/http://www.sa-venues.com/maps/atlas/southafrica_provinces.gif][img][/img]

Na so?

Everybody is discovering oil, so? Before you start production the price will fall with US shale oil in line... Abeg, try again

@Sheyie
YOU'RE THE ONLY PERSON IN THE WORLD THAT DOESN'T KNOW SOUTH AFRICA HAS THE BIGGEST "SHALE GAS IN AFRICA". WE'RE RANKED 5TH IN THE WORLD.
MY YORUBA FRIEND I HAVE SOFT SPOT FOR YOUR PEOPLE. I WONT BASH U TRY AGAIN.
http://en.wikipedia.org/wiki/Shale_gas_by_country

kwame tut: @Sheyie
YOU'RE THE ONLY PERSON IN THE WORLD THAT DOESN'T KNOW SOUTH AFRICA HAS THE BIGGEST "SHALE GAS IN AFRICA". WE'RE RANKED 5TH IN THE WORLD.
MY YORUBA FRIEND I HAVE SOFT SPOT FOR YOUR PEOPLE. I WONT BASH U TRY AGAIN.
http://en.wikipedia.org/wiki/Shale_gas_by_country

lol... Poor comprehension skills.. Go and play with sand abeg

@Sheyie
"OKWONKWO TENDENCIES AT PLAY AGAIN". YA'LL ARE JEALOUS BY NATURE HENCE YOUR COUNTRY WILL CONTINUE BEING A SHITHOLE.