Future Giant Discoveries Could be Lurking Offshore South Africa

Future Giant Discoveries Could be Lurking Offshore South Africa
Future giant discoveries may be lurking in the Outeniqua Basin offshore South Africa, according to Anongporn Intawong, a team leader geologist at Spectrum.

Future giant discoveries may be lurking in the Outeniqua Basin offshore South Africa, according to Anongporn Intawong, a team leader geologist at Spectrum.

“What we are seeing is that [there] might be a future giant discovery in this basin,” Intawong told oil and gas industry delegates at a conference in London Thursday, which was attended by Rigzone.

Although Intawong didn’t speculate on the potential size of any future discoveries, previous finds in the Outeniqua Basin have yielded recoverable reserves of up to 314 million barrels of oil equivalent, the Spectrum representative said.

 

In an encouraging announcement for companies interested in the basin, Intawong also confirmed that new petroleum laws are scheduled to be approved in South Africa in mid-2017, which will be “more favorable to oil companies”.

South Africa is said to be actively investigating the potential to use gas to help meet its fuel requirements as it reduces its dependence on coal.

Gas currently provides just 3 percent (1,369 megawatts) of South Africa’s total installed power output of 45,645 megawatts (MW). This is set to rise to 3,000 MW under the government's Integrated Resources Plan 2010-2030.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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