Last week, the French oil and gas company Total announced a significant gas condensate discovery off the coast of Cape Town. The gas is expected to offer some much-needed relief to South Africa’s economy.

But it's an oil discovery that South Africa most wants. While the extent of the oil discovery in the Western Cape has not yet been made public, Total has hinted that the signs were positive for a major discovery of 1 to 3 billion barrels.

President Cyril Ramaphosa says it's a "Game-Changer"

"This could well be a game-changer for our country and will have significant consequences for our country’s energy security and the development of this industry."


Julius Malema slams discovery (12 February 2019)

However, the leader of the Economic Freedom Fighters (EFF) has called for the nationalisation of oil and gas discoveries in South Africa. Malema was speaking during a parliamentary debate on Tuesday, where he commented that the president neglected to explain that 90% of the oil and gas discovery would benefit foreign companies.

"If you (Ramaphosa) continue with indecisiveness of natural resources, the oil and gas will be a curse to our nation like it is in other African countries

"We demand all oil and gas discoveries must be nationalised," Malema said. "Oil and gas must be declared a national asset".

Minister in the Presidency responsible for planning, monitoring and evaluation Dr Nkosazana Dlamini Zuma also commented on the discovery and proposed that the profits be channeled to a catalytic sovereign fund, for the current and future generations to benefit from the country's "finite resources".

South Africa currently imports most of its oil from Saudi Arabia, Nigeria and Angola

Nice one! Imports are killing us. Overpriced crude oil.

ranch2000:
Nice one! Imports are killing us. Overpriced bad oil.

Can u imagine how this can transform the SA economy? Will need more than just 3billion barrels though. But seems the oil's definitely somewhere out there.

TMKsouth:


Can u imagine how this can transform the SA economy? Will need more than just 3billion barrels though. But seems the oil's definitely somewhere out there.

Scary. Ain't oil a curse in Africa

ranch2000:


Scary. Ain't oil a curse in Africa

SAs been dealing with mineral wealth for decades, can't see why oil will be any different. Also seems Ghana and Kenya are handling their wealth well - no massive scandals yet & Economies growing at 5%+.

Other oil markets seem a bit messy.

Just watched state of the Nation Address. Ramaphosa spoke about this. Large applause. Funny he also used the words Game-Changer.

ranch2000:
Just watched state of the Nation Address. Ramaphosa spoke about this. Large applause. Funny he also used the words Game-Changer.

Missed it, was working. Will catch repeat overnight.

TMKsouth:

Julius Malema slams discovery (12 February 2019)

However, the leader of the Economic Freedom Fighters (EFF) has called for the nationalisation of oil and gas discoveries in South Africa. Malema was speaking during a parliamentary debate on Tuesday, where he commented that the president neglected to explain that 90% of the oil and gas discovery would benefit foreign companies.

"If you (Ramaphosa) continue with indecisiveness of natural resources, the oil and gas will be a curse to our nation like it is in other African countries

"We demand all oil and gas discoveries must be nationalised," Malema said. "Oil and gas must be declared a national asset".

This guy knows how to throw down in parliament

I thought SA already have oil

SillySeason:
I thought SA already have oil

Nope. Or maybe just very little coz I know Sasol refines some oil for the country.