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Expert: 'Gas condensate discovery will provide boost for SA economy'

Oil and natural gas expert Stephen Larkin says this will result in more foreign investment, as it could generate over R1 trillion in revenue over the next two decades.

FILE: Picture: Pixabay.com

CAPE TOWN - Oil and natural gas expert Stephen Larkin says the gas condensate discovery that was made off the coast of South Africa will provide a major boost for the economy.

The Brulpadda field is said to hold between 500 million to over 1 billion barrels of oil equivalent.

Larkin says that this will result in more foreign investment, as it could generate over R1 trillion in revenue over the next two decades.

Larkin, the CEO of African New Energies, has more insights: “A condensate is effectively a liquid form of natural gas, but it’s heavier than crude oil and it’s regarded as most valuable parts of the barrel. So, that means this could attract a significant premium.”

A map of South Africa, locating offshore oil exploration blocks. Petroleum giant Total made a massive gas-condensate discovery in the Outeniqua basin. Picture: AFP

(Edited by Zamangwane Shange)

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