Legal processes lodged by coastal communities to block oil and gas exploration effectively halted R1 billion in investment into the country, according to an official from Petroleum Agency SA .
Jacob Mbele, director-general of the DMRE, shared that oil and gas will be part of the global energy mix and that of South Africa for the foreseeable future. Gas particularly is viewed as a transition fuel to support the decarbonisation of the energy sector. The DFFE issued the rules as part of court instructions after the Supreme Court of Appeal had set aside rules that were promulgated by the minister of mineral resources and energy in June 2015. According to the department, the rules were not issued in preparation for specific projects.Sayidini suggested that South Africa's energy security challenges could be addressed if these significant indigenous reserves are proven.
Searcher's Vice President Alan Hopping had previously raised concerns that a lack of business certainty would deter Searcher from conducting future seismic surveys. But Searcher has recently reapplied for a reconnaissance permit to conduct a seismic survey off the West Coast. The survey this area is smaller and further from the coast than the previous one.Sayidini said that these legal challenges are"chasing away" investment.
Fin24 R1 billion rand? We were about to be robbed
Fin24 Yup this is what black power does. They can't see further than their noses & prefer to languish in poverty than accept progress. Stupid nation these things!
Fin24 The coastal community & the areas they want to exploit are more valuable than R1bill.!
Fin24 They protest against oil and gas but chinese, australian and everyone else's trawlers empty our oceans of fish every day and night and not a single peep.Oil and gas can save this economy, bring down our fuel prices and create much needed enterprices and work
Fin24 Agents everywhere
Fin24 Mnxim what are about the risks involved such as oil spills to the sea and more
Fin24 Is this the same Petro SA that illegally sold South Africa's oil reserves? And what about the R500 million in wasteful expenditure last year? This guy is looking to fuel the gravy train.
Fin24 Says the literal agent of oil and gas, he obviously has no bias... right?
Fin24 Good move anything that doesn't include selling our country coal to European Bullies we will support it. Privatization is no GO NO SUCCESSFUL country sell their main Sovereign sectors to please masters
Fin24 Lol, man with huge investment in oil and gas says we must develop oil and gas.