USA & France Fight Over VAST OIL Discovered in South Africa.

#southafrica #usa #france South Africa has stumbled upon valuable oil resources, sparking debates on whether the West will swoop in to exploit them before South Africans reap the benefits. Concerns from experts have surfaced, cautioning against hasty exploration due to potential environmental repercussions. Despite these warnings, economic interests may override expert advice, raising questions about South Africa’s ability to strike a balance between economic gains and environmental preservation. Recent energy surveys in South Africa have unearthed significant oil and gas reservoirs. Notably, Total Energies made a discovery in 2019 estimated to contain between 1.5 to 2 billion barrels of oil equivalent. Moreover, notable gas findings include the Lierd gas fold in 2020 and the Pioneer gas in 2021. These discoveries hold promise for South Africa’s economic growth, yet challenges loom ahead. Total Energy’s exploration zone in Block 567 spans approximately 10,000 square kilometers, situated between Cape Town and Cape Agulhas, with water depths ranging from 700 meters to 3,200 meters. These discoveries mark a pivotal moment for South Africa, with plans underway to ensure the country benefits from its resources. The government aims to secure a 20% free stake in all new oil and gas ventures, alongside royalties and taxes from production, ensuring a substantial share of revenue. FOOTAGE licensed through Storyblocks