Feb 13, 2023
With consumers in Africa’s third-largest, most industrialised and technologically advanced economy witnessing more than eight hours of blackouts per day, the AEC strongly recommends that President Ramaphosa and the South African government accelerate the country’s gas agenda, as both a short- and long-term strategy to alleviate the looming electricity crisis.
Meanwhile, capital spending in global upstream oil and gas projects will record a 10% increase in 2023 compared to 2022 levels, according to Wood Mackenzie. The sizable potential of new and large-scale gas discoveries across South Africa’s hydrocarbon-rich Orange Basin presents an ideal opportunity for the country to capitalise on this investment momentum and attract interest from international explorers.
The Chamber believes free markets and private sector investments are vital to address the South African energy crisis.
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