Total’s gas exit - PetroSA blunder loses SA R80bn investment, R100bn in lost taxes
ฝัง
- เผยแพร่เมื่อ 19 ต.ค. 2024
- SA’s Government of National Unity faces a major stress test after oil major Total yesterday announced its exit from a highly prospective gas field off the Southern Cape coast. The French multinational and its partners had already invested R8bn in exploring the field, around 10% of the total investment to get a project of this size operational. JSE-listed company HCI is a 10% shareholder in the abandoned field. DA shadow minister James Lorimer has been regularly updating the BizNews community on SA’s oil and gas story. He explains to BizNews editor Alec Hogg how Total’s exit from the Brulpadda and Luiperd fields will cost the country at least R100bn in foregone tax revenues and calls for the cause - a dysfunctional PetroSA - to be urgently addressed.
Video production by Frances Hamman
Your early morning brew of the BizNews Insider keeps you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here - bit.ly/3lfVRYP
Join this channel to get access to perks:
/ @biznewstv
![[LIVE] : ONE ลุมพินี 83 วันนี้!! คู่เอก "พันฤทธิ์ vs ซุปเปอร์บอล วันของโอม MBK"](http://i.ytimg.com/vi/1b4pkKHa_Fk/mqdefault.jpg)
Well done Total. Great to send a clear message to Gwede thugs.
Exactly
Mantashe should be fired. He is useless.
Not 'just' useless, downright DANGEROUS!!! SA growth & stability being impeded, by a dyed-in-the-wool 1000% communist!!!!!!!! Same as the Higher Education Hindrance that had trashed the Future of about 4million SA Youth......
Mantashe makes useless look good
But he is Rama,s ,.,.,.,.
Would hire this a$$hole to cut my lawn 😂
He is one of the brightest they have - his IQ is about 70.
Gwede Manthashe is pound for VERY BIG pound, the worst and most blackguardly politician in this country's history.
Its all about BBBEEE ,money for the cadres and no thought of the country and economy
I think it's a toss up between the following ex guerillas : Mantashe, Nzimande, Mbalula & Lamola !
All the same, there isn't a black who can run anything other than into destruction.
With respect Alec...the world is definitely not moving away from oil and gas. Governments and the "Green" industry say we are...but the facts on the ground speak otherwise.
@michael-hm8cs Well, to the extent that renewable is expanding, it will replace fossil fuels. And there is a LOT of that happening internationally, including in China. Prices have also plummeted, well below fossil fuel costs, in certain instances.
The storage issue remains there, but there's a lot of money and innovation being thrown at it.
Of course, the transition will be gradual, but long term technology that has no consumption cost vs. one that has, will win out, irrespective of environmental issues.
@@wernerstapela4616 I will bet you R1000 that "renewables" will not replace fossil fuels within the next 100 years. It's a pipe dream and there is nothing renewable about it. Solar panels are useless after 25 years, batteries after 15 years and wind turbines after 15 years. I have a solar system and have been running on coal the last month because of the weather. Do you know the cost of backing up that much energy for the entire country? There are some wealthy people making a lot of money out of this nonsense and they convince the average joe by fear mongering about the "climate crisis" to buy into it. As soon as you critically examine the power requirements and the actual output of "renewable you will see it just will not happen. China has less than 5% reliance on "renewable" and is building many dozens of new coal fired power stations. An see our world in data under the heading fossil fuels.
@@wernerstapela4616 my response was deleted
That is why there is war all about oil
Agree
Not surprising that Namibia and Botswana do not see SA as a partner in economic development in the region.
The numbers speak for themselves.
What did you expect look who’s in charge
Always corruption and incompetence
And Shell and Total are innocent
@bluecouchpodcast24 good question
Fire the jerk boss of petrosa 😅😅
its a government dept, will not happen
Ahh yes incompetence and idiocy
Not incompetence...think about the money flow.
@@kevinrtresdefinitely incompetence AND money flow
Viva Anc!!! Viva cadre deployment!!! Viva corruption!!!!
Idiots!
all thanks to evil Mandela, he started this downfall,
Watch Russian Gasprom step in and the ANC cadres get very rich.
YOU,ve hit the nail on the head
Fuck Europe
👍🏾
Back in the day , the State set up companies like SASOL , ISCOR ,DENEL and MOSSGAS , which actually benefited the country.
It's a pity that we can't do that anymore.
@@hydromic2518they dont want the country to benefit,they want private individuals to control and own and rape the consumers. All cost gets passed down to the people.😂
Because we have black thugs in charge who align their pockets with bribes and dishonest deals for their self benefit at a cost to the taxpayer!
It's not we can't, the mudflaps cant
only one which never worked was Mossgas, only certain people gained money from it, was a waste of money, no gas was ever pumped from the sea,
It's not a blunder - someone inside the criminal organization that ran the country benefitted from this. It's NEVER a blunder. Whenever something irrational happens on this kind of scale it's an insider job somewhere.
Black blunder and a white streaky cloud
Red tape, BEE & Corruption is once again Costing the prosperity of RSA😢😢😢😢
gwedefingers.....!!!!! Grabbing FISTFULS????
Total saw the writing on the wall.Good for them
Ah no worries, mayte... we still have the income tax to fallback, and fuel levy and all those other taxes. We'll be fine. The taxpayer can take a bit more squeezing. Lots of juice in that lemon yet!
Total and Shell divesting from South Africa for the same reason(s):
A-rrogance
N-epotism, and
C-orruption.
What a blow to the possible income South Africa could have generated and the jobs that would have been created.
Wasn't there a Carte Blanche expose of the "Petros SA" Scandal about 3 years ago? Illustrating exactly that the company was questionable and basically used as a front?
The problem is, those who do the jobs are fcking useless
Yes
Great news!!! By a sea mile Gasprom is the world leader in gas exploration and which is even more important, it has the Asian market within the BRICS framework. This guy from the DA is basically a Total agent operating in the political sphere in SA. The Pivot to the East, is the future.
Same reason no new mines are built. Gwede and the mining charter. He believes the minerals should be for our (anc), people.
Ahem ... for HIS benefit
...The president and his China's, and Russia's.
if u speak about gold mines of no new shafts being sunk, then yes, even no new coal shafts, i worked on gold mines from 1980 to 2017 on gold mines as a boilermaker, just remember it became so expensive to start a whole new sinking shaft and no new gold reserves have been found since many years, yes i know the mining groups stopped drilling for gold, i can remember during the 1980 when one drove from the Free state to Transvaal or from Welkom to Bloemfontein, one saw so many boring or drilling rigs ,drilling test holes, so mines rather blasted more underground tunnels to link one shaft to another, nut yes since evil mandela took over the gold mines dropped in production and opening new shafts, i think if i am right the last mine to ever sink new shafts and build a new gold plant was Beatrix mine outside Virginia in the 1980, i worked for the firm which did all the steelwork for Beatrix 1.2 shaft, but no new gold reserves have been found i think, but also due to the ANC taking over,
Namibia is a lot more tax and labour friendly
Thank you. (Next time stabilized your camera James, things in SA are already shaky enough :-) )
yep
Great guest!
The terms set by TOTAL for development is unacceptable. According to the terms only 20% of the profits would come to SA, the rest would go out to France. This would NOT bring the revenue to SA.
@@LetsTalk-HealthTalkSimplified this is what certain South Africans are so oblivious too.. Just look at Western African countries, to this day!! Yes ANC has transgressed but who is the lesser of two evils..
Talking to shadows 🤣🤣🤣🤣🤣🤣 classic! Its falling apart cartel. You cant make this stuff up, thanks BizNews for playing your role, the sponsors must do their part.
Thank you...very insightful.
Phone the Russians. They will be more than happy to do the job.
Yes - but would we want them to (and could they afford to at the moment - with sanctions against them)?
Nobody gives a fuck about the sanctions, clearly they haven't worked.. We would welcome the Russian and the chinese.@@Jonathan_Strange
@@Jonathan_Strange welcome to Brics. NATO will have its equal soon.
@@giuseppepennisi8699 🤣😂
And they would be very efficienct at it. Gasprom is by far the world leader in gas exploration and extraction.
But they want to be in “powa” eish what a joke, whether they have a title or not or , incompetent still to the fullest
Maybe they are not willing to pay back hands any more thus packing up and leaving ?
and can’t work with stupid people!
is only reason ANC shelved it, not enough kickbacks,
I have a different issue. People over 65 should be retired. Why do we have ministers over 65 in the employment of the government? Many companies will not hire you if you are over 65, so why not the government?
Laughable. Tragic for SA.
So why is no one talking about the fact that the Dutch have taken up Totals investment. According to them it's business as usual.
this pisses me off!!!!!!!!!!!
Great video
Was there a BEE component that may have been part of the 'leaving' equation?
Also, why are we straight up just giving away resources like that, can we not form a state company to handle these resources, why do we need to give it up to the French and beg for a share ?
Same reason we dont make our own printers or buy south African smart phones.
We want the government to rescue us instead of rescuing ourselves and this comment show exactly that
Exactly,we have a state owned company,we can drill for the condensate or gas and sell it to Astron or get PetroSA up and running with the feed stock.
Like Eskom?
We dont have the technology or the experienced operators to extract the resource. Drilling in water depth of over 2000m before even starting to go through the seabed substrate is not simple stuff. PetroSA's FA Platform is only in around 200m depth. Plus there are huge costs involved, it's actually better for SA economically and for job creations to partner with foreign and get clean percentage comms. I used to work at PetroSA, now work offshore for TotalEnergies on their projects in Namibia, Mozambique, Angola and Congo.
very informative
The Chinese and Russians are lining up to get into this space so we not goingbto loose the taxes if anyone is to explore those fields
If the Russians and Chinese get involved SA will be robbed blind and Mantashe's offshore bank accounts will fill to bursting.
We will because we don't know what shady deal the ANC made with those people that total didn't agree to
China is pulling out of projects in Africa including SA. They are tightening their belts.
SA is swirling the drain.
@@agentmonde1total, shell are not innocent, they exploit the African countries of their resources, look what their done in Nigeria, the shell company
Shell is already gone
12:49 Economically viable is an old term in the oil industry where the drilling companies hold countries to ransom , either you give us a good cut or we won't open the wells . I welded 7 welheads for gas that was found off Saldanha in 2001 and they are still not being opened because it is supposedly not viable .
same as with Mossgas, to think during the middle 1980 how mad it was in Mosselbay, only people who got rich was the private engineering companies, until today no gas was ever really pumped from that well, but your version yes is reason why,
So oil off our coast but our refineries shut down???
Our refineries shut down because the anc signed an agreement with the EU to apply their standards of refinement. It is more expensive to upgrade the refineries than import the ready fuel...and guess where we import from...
@@Michael-hm8cs it was like Mossgas, all that money spent and what happened ???? it was very soon shut down, only certain people made money from it before 1994, and the NP party excuse was its not viable to run it as there's no reserves,
Read between the lines BEE
BRICS will fill this gap.. l know majority on this podcast lean towards the G7.. G7 has their fill of Africa for centuries..
@@WynandMeyering EU & US, has plundered Africa, that’s not business.. They probably were the best but they was/were merciless..
Examples of where the the US plundered Africa please?? According to my knowledge the USA has been giving billions in aid to Africa for decades
@@antoniedutoit3847 are you kidding me.. The African continent has material, cobalt, chromium, tantalum to mention a few.. Closer to home the USA has secured food supply.. l visit the US often.. l’ve never seen bananas, apples, peaches the size and quality l’ve seen in US, exported from our shores.. Slaves from Ghana, Senegal that was auctioned in the US.. I can go on.. I The US NEVER give without receiving..
@@domperignon1607so exports are bad now 😮 you spoke of slavery also 😢
Not just lost tax revenue: the balance of payments loses out as well ie we could be importing less/exporting more
Has Gwede Mantashe found Hazenile yet ?
🤣
Let us not blame Government recklessly, Total overpromised and underdelivered 😂
this happened already way back in 1980s with Mossgas, to think how much money was lost with that project, only certain apartheid people made money, engineering companies yes, as far as i can remember not a once of gas was ever pumped from that well, only test was carried out, and the excuse ???? was not enough gas , so why in first place start it,
Besides, the labour is kak useless too.
Alex, remember the Golden Rule: Get woke, go broke. Applies to the media, too 😉
Whatever, who is willing to take their place? Business is business; don't expect us to believe that the capitalists are developing a conscience.
Why would a French company pull out of a project with Padda in it's name.
ag jirre James... can you not put your phone DOWN already
I think it was his laptop on a rickety table.... the nausea caused by watching this was offset by the sober words he spoke.
Its time to get our cheap fuel and use our brics connections.
If the Russians get involved then there is a chance that sanctions and other diplomatic issues will follow. If we go around sanctions busting then there could be banking system lockouts for the companies and banks involved if it isn't handled extremely carefully. There are still updates and further additions going on with the sanctions against Russian entities in China so it is unlikely that SA would get off easily if they cross that line. The ANC and maybe South Africa as a whole don't quite seem to get that angering Europe and the US just isn't worth it .
The problem is that if we are pushed into a corner and have no other means than relying on Russia then what do we do?
Not necessarily. The West is falling. A new multipolar order is on the rise. Sanctions against Russia haven't worked. Their economy is growing faster than the US. They simply found other partners...like China to work with. It's seems to me that most of the Global South do not want to be dictated to by the war mongering Global North.
F Europe and the US. Their influence is waning fast. BRICS has those same counties very worried. Just look at the combined GDP and financial clout it has. No, we can definately do without the EU and US big stick. It no longer works and the collapse of the Petro Dollar in on its way.
@@Code_Machine that happened during apartheid years in the 1970s with the oil embargo, they tried the Mossgas and it never worked, amd in old end crude oil was bought on the black-market from Mexico,
@@eisbeinGermany I can see that happening.
Thank GOD the deal didn't go through.
why
@@fikilemonnye2636 She's probably an ignorant "green" energy person who thinks the modern world can run on wind farms and solar panels.
@@Michael-hm8cs nuclear power and other renewable sources are all cheaper and less harmful than hydrocarbons. Just like Tobacco companies tried to lie about second smoking and the cancerous effects of cigarettes, fossil fuel companies lie about the impacts of fossil fuels on our health and the environment, fund greenwashing, fight against any kind of regulation and try any means to reduce concern over climate change
@@hydromic2518 Man made global climate change is the lie used to control and tax you. I am all for nuclear. However, if you look at the latest tech coal is cleaner than nuclear. Hydrocarbons are not a problem and are not pollutants. And perhaps the multi trillion "renewable" sector that is lying to prop up their useless industry. Go to ourworld in data under energy and see how much "renewables" contribute.
Chuck Mantashe out and give the job to Ramokgopa
With a gestation period of over 10 years for oil & gas exploration projects from discovery to production, Total had to analyze and plot several future scenarios, including political, markets, geopolitical issues, and stability of contracts. But I think, Total looked it’s oil and gas portfolio in the Southern Africa, and in view of their commitment to Mozambique gas investments, I think it was a portfolio rebalancing and risk mitigation decisions versus the prospects in Mozambique. But, here we are the DA wants to blame the minister Gwede Mantashe for a business decision which he had no control over. Yes, Minister Mantashe is corrupt and incompetent, and was mentioned in the Zondo’s commission as part of the corruption and needs to be charged and prosecuted. Minister Gwede Mantashe, needs be go to be investigated and prosecuted . But, the DA and President Ramaphosa are protecting him from facing prosecution. Let’s see how this plays out. Tuesday, 30 July 2024
BEE evil mandelas affirmative action i think is a big reason also,
Germany stopped directly importing Russian gas during the summer of 2022, months after the full-scale invasion of Ukraine, but new data show that substantial amounts continue to find their way into the country through supplies from its neighbors.27 Feb 2024
Yes because sanctions are on Russia, those buying, India and china can buy then export the refined product anywhere. Hence the west is buying through a third party, crazy
thers always a way to get around it, like in the 1970s with the oil embargo against SA, had to buy oil on the black-market from Mexico, and not a word was said by US, as they were receiving a cut from it,
Big Oil showing the ANC and Mantashe in particular the middle finger. South Africa does not count when there are other opportunities, with better rules and no communists!
@@MkuluClive-ls5qj They profit off of environmental and health damage and then cover it up just like Tobacco companies.
Other companies are already eying that opportunity
with respect you were suggesting this was a DONE DEAL! clearlt like most other things in SA - it wasn't
The gab on the market will obviously be filled
Waste to energy has started.. the first. 1 ton waste produces 1mw energy.. Jhb produces 6000 tons per day
The state must do the gas exploration.
No loss he but gain.
I talked to Mossgass and wanted to help get them feedstock. The people there were not interested. They are paid not to work.
Mossgas was from day one a lost cause, only certain people made money out of it, NP members yes and the engineering firms yes who did all the steelwork, as far as i can remember not a once of gas was ever pumped to shore, maybe only test yes, it was quickly shelved and excuse used was not viable,
We know who was in charge cadre. So no worries about losd.
😂😂😂😂😂😂😂😂😂 dit is nou wat jy kry vir Dom Free Dom
then you get monkeys swinging from a tree trying to eat a watermelon,
is there not another international group that could step into the gap?
80 billion that about the same amount the anc stole from the country 😂😂
And what about Zuma billions .
Financial gymnastics
Saudi Arabia is already interested in buying shell out so ya whatever life goes on we will find new partners
All Shell petrol stations now belong to Ramaphosa how? No wonder Ramaphosa is suddenly the riches man in South Africa.😮
I have just re-watched that original discussion. Mr Lorimer is a DISGRACE
1. When and who capped the wells?
2. Who are international shareholders with Total?
Gwede is sleeping 😮😮
We need bucket loads and truck loads of electrons to fire up the data centres that will carry water for AI revolution forgetting electrification of transport. We need Kaaroo gas ASAP. Fall behind now will cause long term pain. 5 converging technologies. that will create huge investment upside with improvements in productivity. We must not drop the ball on energy
And the joke of giving fiat money to soccer
Aren't they suppose to do that at Mosgas or Petro sa? They gave the tender to a company that's bankrupt. That's why BEEE will never work. Look at Shell. They paid Ramaphosa 2 billion a Year, when he wanted more to pay into the BEE Account for Gogos, Shell said we withdraw. Iam a gogo were is my money? What is going on in the Johannesburg municipality, seats are given to people that did not came in, The DA have so few people there that there vote does not count. The EFF and ANC is in the majority. So they do what the hell they like no maintenance no service delivery, 2 billion was stolen, they know where the money went to. Again no accountability, and nothing gets done, because Ramaphosa is captured.
Mossgas was never a working plant, depends which Mossgas, the Mossgas gas project which the NP started in the 1980 was just a waste of money, no gas was ever pumped from the sea project, only certain people made money from it,
@@eisbeinGermany like DeKlerk?
@@esthergreenwood4019 theres no honest politician, during the apartheid years they lied to us about the border war
I have been heavily censored by YT in this comment section and I don't know why as all I am trying to point out is that it is a massive blow to SA that Total is no longer involved in these projects.
Can we try going at it by ourselves ?
@@otis3744 we could but it would likely be more expensive and take longer. The necessary expertise would need to brought in and either a new state owned enterprise is made specifically for this or it’s put under the control of an existing one. This would take time to go through departments to get approval and form a plan. If any laws need to be changed, removed or made it would take even longer. It depends really
Ha ha, BEE, theft, greed and incompetence would collapse that endeavor before the ink was dry.
Question is how much did the investors of Total gas lose? If we still have the gas we have not lost anything. We should get the highest reward from whoever would benefit from our gas. That makes sense.
but we all also know is that anc are not going to make enough money to put in their back pockets,
No matter what people say the anc really fucked South Africa up Royally 😂the place is doomed.
Nvm politics, but environment first.
Stratigically we cant give them to the french you are so focused on the economic aspect but not the strategic
What do I mean ,there is a multipolar World being carved right now Total cannot be given access to our gas as at the end it can be used as a political bargaining tool by the west look at Nigeria
They left because they can't screw south africa
Are we just idiots we have the expertise to extract and reproduce our own at less paying per liter
You better BEE-leave it!
See ourworld in data under fossil fuels. YT won't let me post the link.
Russia is the best bet
SOS.
Same old Same old sht.
This guy talks a lot about tax revenue that is lost....how much of tax revenue does the average citizen enjoy right now? Would the everyday citizen benefit from any tax revenue in the future? Tax revenue does not benefit the ordinary citizen, jobs do and that is why our resources should be developed by our own companies with our own people. Get SASOL or local people in to do the job!!!
Why always thinking of getting Russians to do this type of work? Are the Germans also not good at this?...but what do I know 🙈.
I am not a big fan of doing business on ideological standards, plus the Americans need to understand that we won't just follow them where ever they lead us
Russia is the big reason
Ah! Good riddance!
😂
Good news our natural resources are safe .. we ll partner with the Chinese or the Russian
As long as the Chinese and Russians take the bulk for thier own needs and pay SA peanuts
@@AndrewMcFarlane_1 not like Total planned on doing much different. Canada has one of the largest oil fields in the world yet they barely make a cent of what oil companies do
Re: "Good news our natural resources are safe .. we ll partner with the Chinese or the Russian"
How can our resources be safe - if you're still hoping they'll be plundered? (or at very least still be mined)
This could be better news than people are making it out to be. We are one of the most fossil fuels dependent countries so investing billions of Rands into destroying the environment and industries that are declining won’t do us much good
This is a very ignorant comment. We are not nearly as dependent on fossil fuels as USA, Europe, China or Russia. The environmental impact is minimal compared to the impact of manufacturing solar panels, wind turbines and batteries. All of which are entirely dependent on large mining operations and using toxic chemicals in their production.
Fossil fuels will be around for another 60 years. Our goods are transported by road, in case you wondered.
@@LambertOtto We are supposed to reach net zero by 2050. How can we do that if we keep expanding fossil fuels production and capacity?
@@hydromic2518 Net zero is nonsense
@@hydromic2518 Mining requires diesel. Transporting products requires diesel. Smelting steel and aluminium requires high voltage arc furnaces. If you hate fossil fuels, get off the internet, the entire thing is powered by fossil fuels and requires an extraordinary amount of electricity. Your entire premise is false. Firstly we do not even contribute 1% to emissions globally. Secondly Co2 is not a pollutant and the total output of human Co2 is approx. 3% of the all Co2 released into the atmosphere. China is building a coal fired power station every week...yes you heard right, meanwhile "net zero" aims to take us all back to the middle ages.
Pushing western propoganda as usual... Russia is a great country to deal with
I agree, I'm Rootin' for Putin.
Regards from South Africa
Why do the minerals that are supposedly South Africa's and the citizens are supposed to benefit but only certain tribes like the Bafokeng benefit while others never get one cent .
Please don't bullshit us about depth because when drilling on the seabed a rig first drops down the riser pipe which cancels out all the currents and it protects the drill string . There are choke and kill lines on these pipes that connect to the wellhead for the flow of the gas or oil once the oil or gas well is found .