MARINE MONTH FOCUS BY JESSIE TAYLOR
OPERATION PHAKISA:
Creating a transformative space for oil and gas exploration
A
key focus for the South African government in developing its ocean economy is the exploration of offshore gas and petroleum resources. This exploration falls under Operation Phakisa, a programme designed to help the country take advantage of the untapped potential of South Africa’s coastline. But the latest step in tapping into these ocean resources is the Draft Upstream Petroleum Resources Development Bill. This piece of legislation will allow the South African government to claim a stake in all oil and gas exploration and production projects, allowing it to not only economic growth but also encourage transformation in the sector. Tapping into natural resources Upstream oil and gas production and operations are primarily responsible for identifying deposits and recovering raw materials. Downstream oil and gas production companies later utilise these to create products for use by industry and consumers. Operation Phakisa looks to harness the largely untapped economic potential of the ocean, surrounding South Africa on three sides and offering almost 4000 kilometres of coastline. The programme has the critical work of stimulating the South African economy, with all sectors having the potential to produce as many as one million jobs by 2033. One of the focus areas of Operation Phakisa is offshore oil and gas exploration. Oil and gas are major internationally traded commodities. Increasing petroleum exploration and production could reduce South Africa’s reliance on fossil fuels and provide a significant new revenue stream. The country’s natural resources are extensive – there is an estimated nine
14 | Public Sector Leaders | October 2021
