The Department of Trade and Industry (the dti) will for the first time be showcasing local companies in the South African National Pavillion at the prestigious Africa Oil Week event, which will take place in Cape Town, from 4-8 November 2019. As the leading event for Africa’s upstream oil and gas sector, the dti will be using Africa Oil Week as a platform to outline the department’s commitments to the energy sector and re-emphasize the need for sustainable and equitable growth for local businesses.
The businesses will also be exposed to more than 1 500 senior executives from the oil and gas value chain across the globe, including 15 ministers of energy, key decision-makers from national and international oil companies, oilfield service providers and the investment community.
The inclusion of the South African Pavilion is aligned with the country’s strategic goal of implementing an outward investment-led trade approach which aims to increase the country’s exporting capacity for diversified goods and services to international markets while promoting industrial development, job creation, foreign direct investment and economic growth to position South Africa as a globally competitive investment destination.
The Minister of Trade and Industry, Dr Rob Davies says the sub-Saharan Africa region is rapidly transforming into a natural gas jurisdiction given major recent natural gas discoveries in the region and the significant potential domestically in South Africa.
“Following the profound experience of reindustrialization of the United States of America on the back of major gas finds and the Qatari LNG development trajectory, the potential for the realization of significant long-term onshore value in South Africa and the region is substantial. Whether or not South Africa discovers its own commercially viable natural gas resources, it will play a major role in driving onshore demand and the development of the regional resources,” says Davies.
He adds that in the light of the opportunities presented in the regional and domestic natural gas sector, the dti continues to refine its long-term natural gas industrialization policy for SA, which would maximize the multiplier effects (both up and downstream) of the natural gas resources domestically and in the South East African region. Appropriate natural gas industrial policy will allow SA and the region to optimize the utilization of natural gas, maximize its multiplier effect potential and drive regional integration.