Despite its significant oil, gas, and renewable energy potential, South Africa is in the midst of an energy crisis due to its economic woes and mismanagement of its state-owned utility.
There have been regular power cuts in recent months as Eskom has seen electricity generation shortfalls, mainly due to equipment failures and fuel shortages. The blackouts are set to continue for the next six to 12 months unless the funds are found to provide Eskom with the diesel needed to run its power plants. South Africa has long faced energy problems, with Ramaphosa blaming the situation on Eskom, which, he says, was already underperforming under previous administrations.
Since the Russian invasion of Ukraine earlier this year, energy companies worldwide have been racing to develop other oil and gas resources, to reduce the global reliance on Russian energy. In addition, oil and gas firms have identified Africa as a strategic region for the, moving away from existing projects in other parts of the world as they dry up.
However, South Africa has been responding to calls to curb oil and gas exploration in recent months, as it looks to break into the world of renewables. A South African courtoffshore oil and gas exploration by Shell earlier this year, following a proposal from the oil major to explore the Eastern Cape province.
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