Kinetiko Energy Ltd (ASX:KKO) is trading higher after delivering a record-breaking peak of 13 cubic metres per tonne from gas desorption testing at Majuba core well 271-23C near the Majuba Power Station in South Africa.
Gwede’s unlikely ally: Hersov says power-starved SA must go big on gas, tell greenies to ‘stuff off’
Rob Hersov has a habit of saying the unfashionable truths that others lack the courage to voice. He did so at BNC#2 and again at BNC#4 when calling out timid South African business leaders, unleashing a torrent after addressing politically correct. Hersov has started the new year in a similar vein, standing ‘shoulder-to-shoulder’ with SA’s much criticised energy minister Gwede Mantashe, encouraging him to double down against the foreign promoted Green Agenda.
He urges Mantashe and his boss, SA president Cyril Ramaphosa, to reject the hypocritical Western agenda that demands SA ignores its endowed fossil fuel assets while the EU’s imports of those same resources are up 400% in the past year. The way Hersov sees it, SA has been stopped by self-interested “Colonialists” from using massive shale and offshore gas reserves whose exploitation would transform the energy situation, directly create over a million new jobs and turbo-charge the economy. He spoke to Alec Hogg of BizNews.
South Africa is potentially well endowed with oil and gas. The Petroleum Agency SA (PASA) estimates that the country holds 27 billion barrels (bbls) and 60 trillion cubic feet (tcf) 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.
The gas potential outlined above is very significant from a national energy security perspective.
Wartsila Oyj, a Finnish company that makes power plants, expects South Africa to face electricity outages for at least another decade unless it installs as much as $8 billion worth of gas-fired generation capacity.
The outages stem from state power utility Eskom Holdings SOC Ltd.’s failure to adequately invest in new capacity and the maintenance of 14 operating coal-fired power plants.
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