South Africa NEWS

The African Energy Chamber (AEC), serving as the voice of the African energy sector, has officially launched its South Africa-focused market report, providing a comprehensive overview of the state of play of the country’s energy sector.

Turkish player wants to deploy power barge in Maputo as trio of South Africa projects continue to be buffeted by problems.

A South African court has stopped Shell’s seismic testing for oil and gas along the nation’s eastern coastline, the BBC has reported, adding that this is pending a final ruling. Now This News also shared that the Wild Coast is also an area where whales breed. The article noted that environmentalists are worried that Shell, which said that it had paused operations while reviewing the judgment, could cause harm to marine life.

"Almaty. December 14. KazTAG - Oil prices increased on Monday with concerns eased over the impact of the new COVID-19 omicron variant on the global economic recovery and fuel demand, reports Anadolu Agency. International benchmark Brent crude was trading at $75.97 per barrel at 0723 GMT for a 1.09% increase after closing the previous session at $75.15 a barrel. American benchmark West Texas Intermediate (WTI) was at $72.39 per barrel at the same time for a 1% gain after trade ended at $71.67 a barrel in the previous session."

Cape Town Dec. 06 Royal Dutch Shell's plans to explore for oil along a stretch of pristine coastline raised the ire of local activists on Sunday as hundred gathered on beaches around South Africa, calling for the oil giant to stop prospecting.

The price of petrol in South Africa is up to 81c a litre to R20.35, effective from 1 December. That is what you will pay for 95-octane petrol in Gauteng. Unleaded 93 is 22c per litre cheaper inland. The various taxes bundled into the petrol price comes to R6.25 per litre. For December, that represents 31% of the pump price for inland 95. The price of petrol itself, known as the basic fuel price or BFP, is at R9.74, or 48% of the total price at the pump. The remainder is made up of a dealer margin, now at 11.52% of the total, a further wholesale margin of 2.24%, and charges related to handling and storage

A drop in oil prices this large was last seen in January/February 2020, when WTI was making its way down to unprecedented negative per barrel territory. No one expects oil to veer this low again, but the comparison to 2020 is apt, with Coronavirus responsible for the commodity's downfall on both occasions.

South Africa-based subsidiary of German renewable energy company juwi has signed an agreement with Sukari Gold Mines to design, supply, build, and integrate a solar battery hybrid power plant for Egypt’s largest gold mine. The hybrid power solution will reportedly reduce diesel consumption by an estimated 22 million liters of emission per year and bring down sustaining costs and fuel price volatility.

The Board of Frontier, the privately held Houston-based international gas exploration company with a focus on Southern Africa, said its activities in Namibia are continuing to exceed expectations. Frontier's Blocks 1723, 1724 and 1823 are in the Caprivi Basin in Northern Namibia covering an area of approximately 6,427 square kilometers (2,481 square miles). A two-year Reconnaissance license was granted on July 1, 2019. Frontier has a strategic relationship with local company Gondwana Petroleum to provide technical services and act as operator for the project.

South Africa has announced fresh plans to alleviate the severe electricity crisis in the country, including three offshore power ships, greater use of solar and wind energy. Minister of Mineral Resources and Energy Gwede Mantashe, on Thursday, announced eight preferred bidders in the government's emergency risk mitigation programme, which will enable independent power suppliers to supplement the electricity produced by the sole national supplier, Eskom.

Total E&P South Africa has given a conditional letter of award for a 2D seismic acquisition and fast-track processing project to Shearwater Geoservices. This will also be Shearwater’s first project offshore South Africa. The two-month-long project will commence in Q4 2019 and includes fast-track processing, facilitated by Multi-Purpose Vessel (MPV) SW Cook and experienced processing teams.

South Africa is up for the largest investment in South Sudan, the war prone country which has the third largest oil reserves of Africa. South Africa will invest $1 billion, confirmed the oil minister of South Sudan. Both the countries signed the memorandum of understanding on Friday. Oil ministry has informed that the money will be used in R&D, refining and processing of oil and gas and in technology.

Mozambique’s government informed that it has signed an oil exploration agreement with ExxonMobil and Rosneft. The energy regulator of Mozambique, National Petroleum Institute said that the government is planning to get into similar agreements with Sasol of South Africa and Itlay’s Eni. These energy firms will drill a minimum of 10 wells which is expected to lead to an investment of as much as $700 million.

The South African Competition Tribunal has approved Glencore’s $973m bid for the acquisition of Chevron Corp’s subsidiary. Chinese state-owned Sinopec was acquiring 75% stake through the sale last year, before Glencore jumped in, backed by minority shareholders and exercised pre-emptive rights on the sale. The proposed merger is subject to the condition that jobs are preserved after the deal and the CSA retirees’ medical aid subsidy is continued among others.

The provincial government of KwaZulu-Natal (KZN) in South Africa is looking towards investing more than R200 billion for infrastructure development. The government has shifted its focus on offshore oil and gas exploration. The acting KZN Premier, who is currently attending the BRICS Business Council Investment Opportunities conference, spoke about how the provincial government is actively taking interest in oceans economy.