President Cyril Ramaphosa has described Total's offshore oil and gas find as a possible game-changer that could have significant consequences for South Africa’s energy security.
Total announced on Thursday that it had opened a "world-class" oil and gas province off the coast of Mossel Bay, at its Brulpadda block in the Outeniqua Basin, Business Day reported.
Ramaphosa commented on the gas-condensate discovery during his state of the nation (Sona) address on Thursday.
"Last night I received a call from minister Gwede Mantashe, when he told me that the oil giant, Total, would be making a big announcement today about a new world-class oil and gas discovery off the coast of South Africa.
"We are extremely encouraged by the report this morning about the Brulpadda block in the Outeniqua Basin, which some have described as a catalytic find," Ramaphosa said.
Bloomberg reported that SA's first deep-water discovery was estimated at about 1 billion barrels and could be enough to supply SA's refineries for almost four years, according to Total CEO Patrick Pouyanné.
"We congratulate Total and its various partners, and wish them well in their endeavours. Government will continue to develop legislation for the sector so that it is properly regulated for the interests of all concerned," Ramaphosa said.
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