The deal – which is strategic for South Africa as an energy consumer – will see Block B2 operated by state-owned Strategic Fuel Fund (SFF), the Ministry of Petroleum and Nilepet, the national oil company of the Republic of South Sudan. This is the second EPSA signed since South Sudan gained independence in 2012 and shows progress for the country’s oil industry as production resumes at existing oilfields and new exploration begins.
The Board of the Central Energy Fund has noted the article in the Business Day of 26th May 2016, titled “Strategic Stock sold off secretly”. We wish to correct the impression created by the article that there are issues based on the misunderstanding of the management of strategic stock. The article makes particular incorrect assertions, which if not corrected may create uncertainty in an already volatile oil market.
We have to emphasise that Strategic Stocks are managed through Ministerial Directives and this case was no different. The notion that the country is put at risk through this rotation is factually incorrect.
The Chairperson of the CEF Board, Mr. Luvo Makasi yesterday, 12 June 2018, briefed Parliament’s Select Committee on Economic and Business Development about its state of affairs and progress made in bringing stability within the group.In his presentation,
The Chairperson of the CEF Board, Mr. Luvo Makasi yesterday, 12 June 2018, briefed Parliament’s Select Committee on Economic and Business Development about its state of affairs and progress made in bringing stability within the group.
In his presentation, Mr Makasi pointed out that the CEF Group is faced with a number of operational inefficiencies and challenges. These challenges ranges from less than 6% market penetration in the refinery business, unbalanced portfolio and no significant group profitability.
PetroSA, the Oil and Gas Corporation of South Africa, and Rosgeo, geological exploration company of the Russian Federation, have today signed an agreement that will see about US$400 Million invested in oil and gas development.
The agreement was signed in the presence of Ministers of Energy at the 9th Annual Brics Summit currently underway in Xiamen, Peoples Republic of China.
The agreement involves the development in the exploration areas of blocks 9 and 11a off the South Coast of South Africa. Within the framework of the agreement, Rosgeo is supposed to conduct a considerable volume of geological exploration work. In particular, it is planned to carry out more than 4,000 square km of 3D seismic operations and over 13,000 km of gravity-magnetic exploration works, as well as the drilling of exploratory wells. The estimated volume of the investment is about US$400 million.
CEF welcomes the awarding of the Post Commencement Funding (PCF) for the Optimum Coal Assets to a consortium led by its subsidiary, the African Exploration Mining and Finance Corporation (AEMFC).
CEF has pledged R1 billion to support AEMFC’s strategic investment in the sector geared to support its growth trajectory.
Through this investment, CEF will not only secure South Africa’s future energy supply but also facilitates a long-term beneficial partnership with black owned companies in the sector.Central Energy Chairperson, Mr Luvo Makasi said, ‘this transaction happens at a time when the security of energy supply and jobs are threatened.