A TRILLION and over 20 years could pour into the country if a gas discovery in the Outeniqua Basin, off the southern Cape coast, is tapped.

French oil and gas company Total announced on Thursday that it had found gas condensate on the Brulpadda Prospects, which is located on Block 11B/12B in the Outeniqua basin.

It represents about a billion barrels of oil equivalent and is found about 175km off the southern Cape coast.

President Cyril Ramaphosa shared news of the find during his State of the Nation Address on Thursday night.

He said: “This could well be a game-changer for our country and will have significant consequences for our country’s energy security and the development of this industry. We congratulate Total and its various partners and wish them well in their endeavors.”

Ramaphosa said some had described it as a “catalytic find”. Several economists and experts in the field of oil and gas explorations shared his enthusiasm.

They believed there could be other significant finds which would have a positive impact on the country’s fuel costs. South Africa imports crude oil and pays in American dollars.

Read more at... https://www.commodity-port.com/gas-discovery-could-rescue-south-african-economy-experts/