Bitumen price in Namibia
Bitumen price in Namibia
Since bitumen price in Namibia is dependant on some items
and the oil market in South Africa, we will explore the market in that region in this article. South Africa has recently made a massive gas discovery in the Gulf of Mosul, according to the news.
Early reports from the newly discovered Bralpada well estimate that the field will contain 500 million to more
than one billion barrels of oil equivalent. This is apparently good news for South Africa at a time
when the leadership is looking for ways to diversify its energy mix,
but the history of the African energy sector shows that the future of South African energy remains uncertain.
In other words, Total’s exploration is remarkable,
but not enough to surround South Africa’s coal-centric energy mix. However, its timing is good for Total in terms of energy security policy. In fact, if South Africa hopes to strengthen its economy and be a pioneer in the energy industry
without massive exploration and environmental damage, the government must strengthen its regulatory policy towards the gas industry.
Just months before this massive discovery, South Africa’s Minister of Mineral Resources set a deadline
for all gas and oil exploration to allow his office to update the licensing process.
A significant consequence of this decision was the refusal of Royal Dutch Shell to authorize the
exploration of oil in South Africa. Whether or not the country is legally willing to bring in new resources and investment,
Total Exploration is admirable for the country’s economy.
Effects on bitumen price in Namibia
South African President Cyril Ramafoza said the discovery is vital for the country and
has significant implications for the country’s energy security and the development of the industry.
Then, hours after Total announced the discovery on February 7, he said his government needed
to review the energy sector in order to properly regulate the changing industry. It’s worth noting that Bralpada gas exploration could benefit trillion rounds (over $ 73 billion) for
the South African economy over the next 20 years.
“With this discovery, Total has started a new global oil and gas game and intends to drill further into the block,”
said Kevin McLachlan, Total’s vice president of exploration.
According to Patrick Pouyan, Total’s CEO, the exploration could contain one billion barrels
of oil-equivalent gas and condensate sources.
Generally speaking, Total and its partners, Qatar Petroleum, CNR International and the Mainstream African Consortium,
now plan to obtain 3D seismic data this year and drill four more wells under license.
“It’s exciting for our country,” said South African Minister of Mineral Resources Gued Montashe. “This is a major boon for the economy,
and we welcome it, and at the same time we are looking for investment to grow our economy.”
