Cricinfo staff – A week after South Africa opened its first oil field, the country’s oil and gas industry is poised to open for business.
The first fields have been drilled in the country, but South Africa needs to complete all three by June 27, said South African Oil and Gas Corporation chief executive Pramod Patel.
“We’ve drilled a number of fields and we’re going to continue to drill all fields by the middle of June,” he told the BBC.
“The aim is to start exporting by the early summer.”
That’s when we will have a significant number of new fields open.
“Patel, a former South African diplomat, took over as chief executive of the company in April after the country was hit by a natural disaster that led to the collapse of its $9.2 billion oil and natural gas market.
The government has set aside $500 million to help cover the cost of the first phases of the projects.
In January, the government allocated a further $100 million for the second phase of the South Africa-Israel gas pipeline, which will eventually carry gas from the country to Israel, and another $400 million to construct an oil pipeline from Israel to South Africa.
The South African government has also set aside another $600 million for an oil-field rehabilitation project to replace damaged wells.
The country’s new government, which took power in February, has also approved a $250 million loan to fund oilfield rehabilitation projects.
Patel said the first stages of the project were expected to cost about $3 billion.”
But as soon as we get our first production in June, we will be able to take those out and start building our infrastructure, and the rest will be in place by then,” he said.”
There will be some additional infrastructure around the oil fields, and we’ll start drilling wells in the coming months.
“The South Africa Oil and Petroleum Corporation (SAPC) is an independent, public sector corporation that runs the countrys oil and oil-related industries.