By Akani Nkuna
Mineral and Petroleum Resources Minister Gwede Mantashe said on Monday South Africa’s petroleum reforms could help reduce reliance on imported finished products, unlock greater oil and gas development, and support economic growth.
Speaking at the 5th Annual Southern Africa Oil and Gas Conference at the Century City Conference Centre in Cape Town, Mantashe said South Africa and the continent faced persistent challenges in using their abundant natural resources to shift their economic trajectory upward, and that urgent reforms and interventions were needed.
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He said South Africa had significant offshore petroleum potential, including major gas discoveries in the Outeniqua Basin, but that these remained underexplored and underexploited because of blockages against oil and gas development in the name of environmental protection.
“It is against this backdrop that our government continues to reform its legislative framework to
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