Petroleum Africa
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Tuesday, March 17, 2015
The drop in oil prices has put another crimp in South Africa’s shale ambitions in the Karoo Basin. Just months after the government green lighted the move forward on shale; Shell reported it was putting the brakes on its projects in the country.
Shell said the hunt for resources at this time would not be economical. Shell South Africa Chairman BonangMohale told Johannesburg station Talk Radio 702, “The reason to go to a low cost holding position … is as a result of a difficult period for world (prices),”Mohale said.
The international explorer has been waiting “inordinately long” for the exploration licenses in the Karoo,Mohale said.
Shell’s retreat will be seen as a positive by environmentalists who have protested the government’s plans for letting loose fracking technologies in the Karoo Basin.
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