South African Minister of Mineral Resources and Energy, Gwede Mantashe, made a direct enchantment to buyers on the thirtieth AOW: Investing in African Energy Conference: “Investors, we are not saying come to South Africa as a tourist destination, we have deposits, come and invest.” Mantashe emphasised the numerous untapped potential of South Africa’s oil and gasoline reserves, urging buyers to look past the worldwide shift in direction of renewables and recognise the profitable alternatives at hand.

Highlighting the success tales of different African nations, Mantashe acknowledged, “Notwithstanding the crusade against oil and gas development in South Africa, it is encouraging that over the last 10 years, the African continent has seen considerable interest in oil and gas blocks with major petroleum players making valuable investments.” He pointed to Eni’s discovery in Côte d’Ivoire and Mozambique’s booming LNG income as prime examples of the sector’s potential.

Mantashe expressed robust confidence in South Africa’s personal offshore oil and gasoline reserves, significantly in gentle of promising discoveries in neighbouring Namibia. “The discoveries of gas and condensate from two exploration wells drilled in Block 11B/12B offshore in the South Outeniqua Basin have also proven that South Africa’s under-explored deep waters have significant potential for oil and gas,” he defined, including, “we are keen to see drilling happening here in South Africa.”

However, the Minister condemned what he known as “unabated and frivolous litigation” towards oil and gasoline exploration by foreign-funded teams, arguing that it creates a local weather of uncertainty and discourages funding. “These NGOs must declare their source of funding,” he challenged, “because they are funded to block development.”

“They block development and hide behind protecting the environment,” he mentioned on the sidelines of the convention.  “Shell was harassed out of the seismic survey in the East Coast, and they left. They went to Namibia made huge discoveries of oil next door, and there was no demonstration there. That discovery is generating an income for Namibia. We can’t touch our oil and gas,” he mentioned.

Despite these challenges, Mantashe emphasised the federal government’s dedication to supporting the oil and gasoline sector and guaranteeing that South Africans profit from their pure assets. He highlighted the institution of the South African National Petroleum Company (SANPC), stating, “To ensure that South Africans enjoy maximum benefits from their national patrimony, their petroleum resources, we have established the South African National Petroleum Company (SANPC).” The SANPC will function as a state-owned entity, partnering in initiatives and growing assets independently.

Mantashe additionally acknowledged the burden of excessive gas costs on South Africans, assuring that the federal government is actively discussing methods to scale back prices, together with doubtlessly reducing the gas levy and the Road Accident Fund (RAF) levy.

In closing, Mantashe reiterated his name to motion: “We appeal to the delegates at this conference and the investment community to continue investing [in] the development of oil and gas to enable a prosperous energy outlook for Africa and promote sustainable development.”