The African Energy Chamber (AEC), an organisation that seeks to improve the landscape of the continent’s energy sector, has mobilized international industry leaders in a bid to help South Africa capitalize on its recent gas discovery.
The Chamber recently hosted senior industry leaders at a breakfast event under the theme, ‘The role of indigenous Oil and Gas resources in Developing South Africa’s economy.’ Participants came from international oil companies, local and internationally operating services companies and the public sector.
Top on the agenda was how French oil marketer, Total’s recent offshore gas discovery could be best harnessed for the benefit of South Africa’s local companies and the economy at large.
Speakers at the event featured Niall Kramer, CEO of the South African Gas Alliance (SAOGA) – an organisation dedicated to promoting the upstream and midstream sectors of the oil and gas value chain, the Department of Trade and Industry’s Director of Up and Midstream Oil and Gas Kishan Pillay and AEC’s Senior Vice President Verner Ayukegba, among others.
Advising on regulatory framework and oil investment matters, Centurion Law Group CEO and AEC Executive Chairman NJ Ayuk said the natural resources story in Africa doesn’t always have to be the same.
“South Africa has a great opportunity to get it right and make oil and gas work for everyone. Gas monetization is key to development and job creation,” he explained.
“A lot of good deals will be done for local companies. We hope field development plans will not be delayed and a quick offering of more oil blocks to explorers like ExxonMobil, Eni and others to drill will be good for the industry and the country,” Ayuk elaborated.
He added that these changes to the oil industry and opportunities in South Africa will take center-stage at the October 2019 Africa Oil and Power event in Cape Town.
“We want predictability and an enabling environment that allows our members to attract investors and supply the industry with the necessary services in demand. We need to be open and accommodating to international skills,” he said on the upcoming amended policy regulations,” Kramer explained.
Speaking at the forum, Pillay, Director of Oil and Gas at the Industrial Development Division at the Department of Trade and Industry of South Africa, called for time to put in the right kind of regulatory framework.
“What we must understand is that places like the USA have developed their gas industry over decades. If we are serious about gas moving forward, we need to make sure it’s done properly over the long-term,” he concluded.