South Africa could be the next big thing in offshore oil and gas drilling. Durban President Jacob Zuma mentioned on Wednesday that research shows a high number of oil reserves off the coast of South Africa, potentially 9 billion barrels of oil and 11 billion barrels of natural gas, these numbers provided by IOL. It’s a number of barrels that could supply South Africa for many years in the future, 40 years matching with current South African oil consumption and 375 years of the country’s current level of gas consumption.
It was also on Wednesday that President Zuma announced, because of their findings, his plan to drill in these deep-water reserves for the next 10 years. 30 rigs will be deployed to exploit the rich resources located off the coast.
The reserves could bring production coming from the South African coast to 80 percent of its current oil and gas imports, up to 370,000 barrels of fossil fuels per day for the foreseeable future with a max prediction of 20 years of production.
With the amount of production that is scheduled to happen in the next 10 years, there will be many new jobs coming to the country as well, boosting its economy at a very important time. Predictions are coming in and it is expected that there will be 130,000 new jobs coming to the country, boosting its GDP growth by 1 percent each year the drilling takes place.
The oil and gas exploration has not been the only thing taking place in the vast sea of the coast. President Zuma stated that the reason all of this new found information is coming to them now is due to the fact the ocean in the area has remained untapped and mostly unexplored. Discovered resources should lead to aquaculture, an extension of South Africa’s economic area and more room for ship repairs.