South Africa is potentially well endowed with oil and gas. The Petroleum Agency SA (PASA) estimates that the country holds 27 billion barrels and 60 trillion cubic feet of prospective oil and gas resources on the south, west, and east coasts.

The estimate for the onshore exceeds 200 tcf of prospective shale gas resources, biogenic gas, and coal bed methane.

South Africa on the other hand is heavily dependent on imports in terms of crude oil, and refined petroleum products. Crude oil and refined petroleum products are the largest imported product category in South Africa.

The country is spending some US$9.6 billion (~R150 billion) on the importation of crude oil and petroleum products per annum (representing some 15% of the country’s total imports).

The importation of crude oil, gas, and petroleum products, therefore, has the largest negative impact on the country’s balance of payments and poses a risk to the country’s energy security and sovereignty.

South Africa’s 2024 Presidential elections are drawing near, political parties are rallying to garner votes. One of the new political parties getting attention from South Africans is Mr Mpho Dagada from Arise SA, a member of the Loveworld Nation, he spoke of the abundant wealth South Africa and how South Africa can actually be a super power, if it were to utilise its abundant resources.