Falcon Oil and Gas set to explore South African shale opportunities

By mahlokoane percy ngwato

Stay Connected! Follow @AfricaBizReview and @MrNLon on Twitter. Like our Facebook Page.

Falcon Oil & Gas is entering into negotiations with the South African government to agree on terms for a licence to explore for shale gas.

Falcon is an oil and gas Exploration Company based in Dublin, Republic of Ireland and has operations in Australia, Hungary and South Africa. It covers over 12 million acres and is traded on several stock exchanges.

Falcon chief executive Philip O’Quigley said he hoped to start talks with government officials for a three or five-year exploration licence in the Karoo Basin in September or October. The company already has a technical permit to assess the Karoo area.

RELATED:
New Bill offers hope for Nigeria's gas and oil industry
Warning issued to oil and gas companies
Tanzania sets date for gas and oil bids

The negotiations will cover issues such a programme of works, the length of the licence period, fiscal terms and the amount of capital Falcon must be able to tap into, if required.

Mr O’Quigley said he was confident that Falcon could wrap up the negotiations this year, after which it was likely to seek a deal with a larger operator to fund drilling in return for a stake in the licence.

Shale gas has notably reduced America’s reliance on imports to meet its energy needs and, in light of EKSOM’s recent troubles, the introduction of shale gas could prove to be crucial if environmental concerns can be fully addressed.

Read the June Issue of African Business Review
Source: [Irish Times]

 

Share

Featured Articles

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Upskilling for the digital world isn’t complicated but it is urgent, argues Tom Moore, CEO of WithYouWithMe – a social impact tech firm founded by veterans

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology

Deloitte US Chief Purpose Officer on driving impact at scale

Leadership & Strategy