President of South Africa, H.E. Cyril Ramaphosa
Image: GovernmentZA via Flickr
Delivering his sixth State of the Nation Address, the President of South Africa, H.E. Cyril Ramaphosa, announced that the government would continue to support the development of the southern African country’s upstream oil and gas industry.
Speaking in South Africa’s legislative capital city of Cape Town on 10 February, H.E. President Ramaphosa indicated the government’s commitment to seeking a substantial increase in local production and the rapid expansion of the country’s energy generation capacity in order to stimulate job creation, support livelihoods, and bring additional energy generation to the country.
“We will continue to support the development of the upstream gas industry as it holds huge potential for job creation and broader economic development,” H.E. President Ramaphosa stated, adding, “We will ensure that this is done in strict accordance with the environment, as well as with other laws of our country, and that where there are differences, we work together to resolve those differences in the interest of our country and the interest of our people, particularly with regard to creating jobs.”
Seen as a transitory energy source, the development of gas as an opportunity for many countries towards a lower carbon economy. Therefore, acceleration of South Africa’s gas development projects are seen as crucial for the country’s energy transition, while the sustainable development of gas resources – in conjunction with their benefits – are expected to result in exponential socioeconomic benefits.
President Ramaphosa’s announcement further demonstrates the government’s commitment to working with investors in South Africa’s upstream petroleum space, ensuring that the exploitation of these resources is accomplished in a manner that is conducive to environmental protection, as well as the global energy transition.
