The Oil Business in South Africa is Going Down

Posted by OilVoice Press - OilVoice


One of the most important resources that a country could have during the 20th century and even today is oil or gas. South Africa unfortunately, doesn't show much promise in that departments as their proven oil and gas reserves are close to nothing. The exploration for these resources started in 1913 and unfortunately has proven quite disappointing. The 1990s were able to show at least some kind of resemblance of an oil and gas reserve. South African Forex brokers were elated to find this out because of the fact how much their currency would be connected to oil prices which were on their way up at that time. Unfortunately, however, for them, the amount of the reserves discovered was quite insignificant for international trade. It was quite convenient for local usage though.

Nothing Too Significant Has Been Disocvered Yet

Don't take it the wrong way if you're from South Afric. We acknowledge the fact that there have bee discoveries made around the counry, but unfortunately, they only amount to about 15 million barrels in total. No matter how hard it is to try it is just enough for  international trade. Obviously, the country can put up the commodity for sale, but then it would just be harming itself by resorting to more expenseive imported oil. If they keep what they have, then their energy expenditures are going to become close to nothing.

PetroSA is one of the largest companies in South Africa that has dealings with oil reserves. The company is state-owned and is operating throughout the country. The reports of discoveries from PetroSA have also been very poor. The company is able to generate no more than 5,000 barrels of crude oil per day. Most of these generated barrels are coming from the same dig sites like Oribi and Oryz fields that are located on the south coast of South Africa. The amount is quite lowered compared to a few years ago when the maximum amount was at least 160,000 barrels per day.

Pre-drilling exploration has been going on since 2012 and numerous companies have been involved. One of the most notorious ones is Exxon Mobil that is still operating within the country to this day. One of the major additions to the company group was Shell, which was given the green light in October 2015 to start drilling in the Orange basin.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Nick JamesSouth AfricaOilPetroSAReservesExxon MobilExxon Mobil CorporationExxonMobilOribiOryz

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 1 year agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice