Total discovers significant gas deposit off of SA's south coast

Total discovers significant gas deposit off of SA's south coast

- South Africa has once again hit something of a jackpot with another discovery relating to gas wells made by Total

- This is the second major find in the space of just over a year, positive news for SA's economy

- The first find, off of the coast of Mossel Bay, was lauded as a game-changer by President Cyril Ramaphosa

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Total South Africa has announced a second gas discovery just a year after the first was made off of the shore of Mossel Bay.

The Luiperd well was found in the Outeniqua Basin, just under 200 kilometres off of the nation's southern coast, making this area SA's new gas frontier.

The company explained that the site, covering 19 000 square kilometres, will now be tested to assess its characteristics and deliverability.

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Total has made the discovery off of the nation's south coast. Image: Twitter/ @TotalSAfrica
Source: UGC

Total holds a seizable 45% cut of the pie in this region, while a further 25% is held by Qatar Petroleum. The remaining shares are held by CNR International and Main Street.

Commenting on the find, Arnaud Breuillac ( President of Exploration and Production) acknowledged the situation in a statement:

"Total and its partners have acquired important data on the Paddavissie fairway, which will help to progress development studies and engage with South African authorities regarding the possible conditions of the gas commercialisation."

Earlier, reported that the state should nationalise oil and gas discoveries, such as the recent deep-water oil and gas find off of the coast of Mossel Bay by French company Total, said Julius Malema.

Addressing Parliament during the State of the Nation Address debate, the Economic Freedom Fighter leader commented on the discovery, dubbed by the president as a 'game-changer'.

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President Cyril Ramaphosa had been encouraged by the report of the 'catalytic find':

"This could well be a game-changer for our country and will have significant consequences for our country’s energy security and the development of this industry,"

Malema claims that the president had neglected to divulge that 90% of the oil and gas discovery would benefit foreign companies:

"If you (Ramaphosa) continue with indecisiveness of natural resources, the oil and gas will be a curse to our nation like it is in other African countries"

The EFF leader demanded that the nation's asset should remain just that, explaining:

"We demand all oil and gas discoveries must be nationalised. Oil and gas must be declared a national asset."

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