The Maritime Business Chamber (MBC) has urged the South African government to accelerate efforts to harness the country’s significant oil and gas potential, highlighting opportunities that could strengthen energy security and drive economic growth.
The MBC’s call comes as South Africa targets its extensive resources, including an estimated 27 billion barrels of prospective offshore oil and gas reserves and more than 5.6 trillion cubic meters of potential shale gas onshore. The MBC has emphasized the need for oil and gas investment, particularly in developing infrastructure along the country’s southern, western and eastern coasts, which could position South Africa alongside regional neighbors like Mozambique, which has made significant strides in capitalizing on its own offshore gas reserves.
The Chamber also issued its endorsement of the Upstream Petroleum Resources Development Bill, which was sent to South African President Cyril Ramaphosa for assent in May 2024. Among other provisions, the bill aims to expand opportunities for historically disadvantaged groups by including provisions for 10% ownership by designated groups and enabling 100% Black-owned rights for local communities. The MBC sees these measures as a critical step toward fostering economic inclusion and prioritizing environmental stewardship.
The MBC has pointed to recent developments – such as the formation of dedicated petroleum and energy ministries and the acquisition of the SAPREF refinery – as positive indicators of the government’s commitment to realizing South Africa’s energy potential.