Namibian gas for South Africa



 

The Ibhubesi Gas Project (IGP) is a mature natural gas field development with eleven wells drilled thus far consisting of seven gas discoveries, which is an encouragingly high success rate. With over half a trillion cubic feet (Tcf) of proven gas reserves at a 2P level and situated 80 km off of the Northern Cape coast, the current IGP gas reserves could potentially provide electricity to a city of 1-million people for about ten years, making it a significant source of clean energy in the country. With added investment, up to 8 Tcf or 16 times the current proven reserves, could be added to the domestic energy mix. Besides the direct and indirect jobs that could potentially be created, the investment in the development of the IGP, which could top over R20-billion, would be a true upstream and downstream industry creation catalyst throughout its lifespan. The field was initially discovered by PetroSA (the South African national oil company) predecessor, Soekor, in the mid-1980s, and has since enjoyed over R1,6-billion of investment in exploration, appraisal and development.

Contact William Jimerson, Musa, Tel 011 771-6300, info@musacapital.com

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Source: EE plublishers

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