Latest News

     

Exploration of Gas and Oil opportunities in South Africa

2014-03-28 08:42:00

Trade & Investment KwaZulu-Natal (TIKZN) together with the South African Oil and Gas Alliance (SAOGA), the South Africa-Netherlands Chamber and Vopak hosted a breakfast briefing and networking event today at the Maharani Hotel in Durban. The breakfast is aimed at launching SAOGA to gas and oil industry players in KwaZulu-Natal. The event also assisted SAOGA in its efforts to become a national industry association and increase membership in the Oil and Gas sector. The briefing included an overview of the sector and roles and responsibilities of the Department of Trade and Industry (dti) and SAOGA. Noted speakers at the event included Ebrahim Takolia, CEO of South African Oil and Gas Alliance; Kanyi Ntloko-Gasa, Executive Manager for Investment Promotion at TIKZN and Erik Kleine representing the South African Netherlands Chamber and VOPAK.
South Africa's liquid fuels industry makes a significant contribution to the local economy. It accounts for 6.48% of the national gross domestic product as well as for 100 000 direct and indirect jobs in the country. The liquid fuels industry typically consists of upstream and downstream activities. Upstream activities generally include exploration for and production of crude oil, while downstream activities relate to the refining, transportation and marketing of end-user products. The South African Oil & Gas Alliance indicates that South Africa has three offshore areas of upstream interest - the South Coast, the Orange River basin and the East Coast. In addition to this, there has been significant interest recently in onshore unconventional gas resources. Growth prospects for oil and gas exploration and exploitation in the sub-Saharan Africa region have remained largely untapped due to the prolonged global recession. The region remains one of the fastest growing and highest potential oil and gas areas in the world, with recent discoveries on the East African Coast, including offshore gas deposits on the Mozambique coast. The entire region, both on/offshore shallow and deep-water exploration and exploitation, is still in the early stages of development. The affiliated build-up of infrastructure, upstream support activities, technical skills and supporting service-sector development will follow in the wake of this expansion. Southern Africa is emerging as a potential contender in the gas mining industry. The full potential of oil and gas in Southern African remains uncertain for several reasons, including the fact that gas and oil sources have relatively high extraction costs. Trade & Investment KwaZulu-Natal is a South African trade and inward investment promotion agency, established to promote the province of KwaZulu-Natal as an investment destination and facilitate trade by assisting local companies to access international markets. The South African Oil & Gas Alliance (SAOGA) is dedicated to promoting the oil and gas value chain, primarily in South Africa and Southern Africa in general. The organisation operates as a partnership between the public and private sectors, receiving public funding to carry out a range of industry development activities and working to promote the interests of members. Vopak - with its headquarters in Rotterdam, the Netherlands - is the world's largest independent tank storage provider, specializing in the storage and handling of liquid chemicals, gasses and oil products. Vopak operates 77 terminals with a combined storage capacity of more than 30 million cubic meters in 29 countries, including Durban, South Africa.
 Submitted on behalf of Zamo Gwala, CEO at Trade & Investment KwaZulu-Natal Contact Person: Perusha Govender

Position: Communications Officer

Tel: 27 31 368 9600

Cell: 083 778 5032

Fax: 086 500 9862

Email: perusha@tikzn.co.za



Share:                      | Date: 2014-03-28 08:42:00
Go to article