At the Southern Africa Oil and Gas Conference in Cape Town, Minister Gwede Mantashe urged harnessing South Africa's oil and gas resources amid disruptions from the US-Israeli war on Iran. He stressed legislative urgency to avoid litigation delays. Industry leaders echoed calls for diversified energy portfolios.
Minister of Mineral Resources and Petroleum Gwede Mantashe stated at the Southern Africa Oil and Gas Conference in Cape Town on 16 and 17 March: “South Africa, and indeed the African continent at large, cannot afford to remain poor while endowed with abundant natural resources.” He framed the urgency against geopolitical tensions, including the US-Israeli war on Iran, which has disrupted fuel supply chains and driven Brent crude prices above $100 per barrel. The war, dubbed Operation Fury, has functionally closed the Strait of Hormuz, raising maritime insurance premiums. South Africa's refining capacity has fallen from over 700,000 barrels per day to about 35%, with Natref at 108,000 bpd, Astron Energy at 100,000 bpd, and Sasol's Secunda plant at 150,000 bpd. Sapref in Durban was paused in 2022, and Enref converted to an import terminal after a 2020 fire. FlySafair's Kirby Gordon announced a temporary surcharge due to a 70% spike in Jet A-1 fuel prices. United Manganese of Kalahari's Malcolm Curror noted limits on ore road transport amid diesel costs. Vopak's Oliver Naidu advocated LNG imports at the Zululand Energy Terminal and a diversified portfolio. Sasol warns of a gas cliff in 2028 from Mozambique depletion. Mantashe backs the 2024 Upstream Petroleum Resources Development Act and the Karoo moratorium lift in October 2025. The Central Energy Fund acquired Sapref for R1 to upgrade it into a 450,000-600,000 bpd mega-refinery.