Mineral and Petroleum Resources Minister Gwede Mantashe says a breakthrough in the petroleum sector could transform the country’s low-growth economy.
Mantashe made the comments at the opening of the 30th Africa Oil Week conference in Cape Town on Tuesday.
This year’s edition is set to bring industry leaders under one roof to discuss innovation, investment and growth in the oil, gas, and energy sectors.
Mantashe said the speedy implementation of the Upstream Petroleum Resources Development Bill could give the economy a lofty boost to 8%.
This bill intends to remove the development of the upstream oil and gas industry from the scope of the existing Mineral and Petroleum Resources Development Act and regulate it separately from other mining activities.
Mantashe said it would be the first of its kind and would help accelerate economic growth.
“We can grow between 5% and 8% per annum in the GDP [Gross Domestic Product] because these sectors, oils and gas, are quite critical for development.”
Though there’s no clear timeline for Mantashe’s growth target, it far exceeds most projections, including the South African Reserve Bank’s 1.5% estimate for 2025.
-EWN
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