South Africa Awaits Shale Gas Assessment Outcome

- South Africa Awaits Shale Gas Assessment Outcome

Thursday, September 08, 2011
OilPrice.com
by Charles Kennedy

As South Africa has very limited natural gas reserves, the country's Department of Energy is awaiting the outcome of an assessment of the nation's shale gas potential.

South Africa's Department of Energy Deputy Director General for Hydrocarbon Tseliso Maqubela said at the 4th annual Natural Gas Conference, "The truth that we have to face and effectively deal with is that South Africa has very limited gas reserves. We are awaiting the outcome of the assessment of the shale gas potential, which is currently estimated to be around 485 trillion cubic feet. There are also projects afoot to explore the potential of importing natural gas both as liquefied natural gas (LNG) and compressed natural gas (CNG) to meet our country's energy demands," BuaNews news agency reported.

The Department of Energy has noted environmentalists' concerns about the controversial hydraulic fracturing technique, also known as "fracking," used to liberate the natural gas from surrounding rock formations. Maqubela said that an interdepartmental task team was investigating the procedure's possible impact on the environment, led by the Department of Mineral Resources.

The Department of Energy is in the process of reviewing the 2001 Gas Act, with the regulation of LNG and CNG being reviewed as well as concepts for improving the nation's natural gas regulatory framework.

(Charles Kennedy is Deputy Editor of OilPrice.com. The original article appears here.)

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OPEC Unable to Reach Consensus; Outcome 'Unwelcome' by Some Members

- OPEC Unable to Reach Consensus; Outcome 'Unwelcome' by Some Members

Wednesday, June 08, 2011
Dow Jones Newswires
by Benoit Faucon & Summer Said

In a decision that surprised oil markets and sent oil prices higher, OPEC officials said Wednesday the group had failed to reach consensus to boost output.

"Unfortunately, we are unable to reach a consensus at this time to reduce or raise our production," OPEC Secretary General Abdalla Salem el-Badri.

Iranian Oil Minister Mohammad Aliabadi, who is also serving as president of the producer's organization, said the decision was "unwelcome" by some members.

Gulf delegates have been pushing in recent days for an increase of 1-1.5 million barrels a day. But some other OPEC members have criticized the plan, arguing that the global oil supplies are sufficient and that today's prices of $100-$115 a barrel are appropriate.

El-Badri said there was no shortage in the market. The decision means OPEC members will keep their current output unchanged.

Copyright (c) 2011 Dow Jones & Company, Inc.

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