Cape Town, South Africa
South Africa’s Gazania development advances
Independent able to progress South African plans in contrast to Shell’s legal setbacks last year
South Africa’s Gazania-1 prospect will spud in September, AIM-listed operator Eco Atlantic confirms. Gazania-1 is around 25km off South Africa’s northern Cape, near the maritime boundary with Namibia, and has “the potential of over 300mn bl” of light oil, according to Eco Atlantic COO Colin Kinley. The drilling announcement comes around six months after a court ruling suspended Shell’s seismic survey off South Africa’s Wild Coast amid concerns over the potential impact on marine life. That decision raised concerns about the future of South Africa’s nascent offshore upstream sector, and at the time analysts suggested investors ought to take environmental and community concerns into account to
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