Minister addresses gas & oil exploration

Ngoako Ramatlhodi says transformation in the oil & gas the industry needs acceleration.

Minister of Mineral Resources Ngoako Ramatlhodi. Picture: AFP.

JOHANNESBURG - Mineral Resources Minister Ngoako Ramatlhodi says exploration for oil and gas in South Africa has provided the state with an opportunity to dictate how the profits of these minerals would be shared and has not ruled out the possibility of partial nationalisation.

Exploration for oil and gas is currently being conducted by several private mining companies, in collaboration with the department of mineral resources.

Ramatlhodi says the discovery could change the current resources regime.

Speaking to the National Union of Mineworkers (NUM) in Boksburg on Thursday, he emphasised that transformation in the industry needs to be accelerated.

"As we do that, we need to establish a regime that assists us to participate in partnership with the private sector but in a way that gains the country, rather than to proceed alone which we have been doing with other minerals."