South Africa finalises plans to commence shale gas exploration

Reuters reports South Africa has finalised plans to commence shale gas explorations and will gazette final regulations by June, two years after releasing draft rules and as companies reconsider investments due to volatile oil prices and delays in awarding licenses.

The report also claims Shell, Falcon Oil and Gas in partnership with Chevron, and Bundu Gas have applied for exploration licenses.

A study commissioned by Shell said extracting 50 trillion cubic feet or 12.8 percent of potential reserves, would add $20 billion or 0.5 percent of GDP to the South African economy every year for 25 years and create 700,000 jobs.