South African National Petroleum Company (SANPC) CEO Godfrey Moagi attended the African Energy Chamber (AEC) G20 Africa Energy Investment Forum in Johannesburg on 21 November 2025. Moagi’s participation comes at a time when South Africa is taking steps to accelerate oil and gas exploration across onshore and offshore basins, and is expected to support new deals and partnerships as the country pursues near-term oil and gas production.
South Africa has significant resource potential across its onshore and ocean basins and is taking steps towards transforming its energy sector through upstream development. In October 2025, the country announced it would lift a moratorium on shale gas exploration, paving the way for new investments across strategic regions such as the Karoo Basin. Although unproven, the basin is estimated to contain up to 200 trillion cubic feet of technically recoverable shale gas resources, the development of which could be a catalyst to strengthen energy security and support a just energy transition.
South Africa’s oil and gas potential extends beyond onshore margins, with proven resources evident in the offshore Outenika Basin, home to the Bururupadda and Luiperud discoveries, and inferred resources in the Orange Basin, which extends into Namibia. While environmental and financial challenges are impacting development, the country’s offshore market is witnessing renewed interest from global operators. Notably, energy giant Shell has secured approval for a five-well drilling campaign in the Northern Cape Ulta deep field, while Total Energies is targeting two-well Wildcat activity in the South African part of the Orange Basin. These campaigns aim to free up these basins and introduce new energy sources to South Africa’s high-demand markets.
In support of these efforts, South Africa also signed the Upstream Petroleum Resources Development Act in 2024, providing a separate regulatory framework for the country’s upstream oil and gas sector. The law aims to accelerate exploration and production, foster development, and support foreign investment by highlighting the government’s commitment to the industry and providing industry-focused and transparent legislation.
The establishment of SANPC in 2025 is also a strong reflection of the country’s commitment to improving oversight, transparency and growth of the industry, while strengthening the operational capacity of South Africa’s state-owned enterprises. Created through the merger of iGas, PetroSA and the Strategic Fuels Fund, SANPC is in line with regional governance trends and positioned as a vehicle for investment and project development. For international operators, the establishment of SANPC means the emergence of a strong and competitive domestic partner, thereby increasing South Africa’s attractiveness as an oil and gas investment destination.
Developing shale and offshore resources requires significant capital and expertise, requiring strong partnerships between countries, private operators, and international investors. The G20 Africa Energy Investment Forum provides the ideal platform to advance this agenda. Bringing together global financiers, energy leaders and policy makers, the forum will showcase South Africa’s reformed upstream framework and investment-ready opportunities. For SANPC, this is an opportunity to position the company as a linchpin in the country’s exploration revival, attracting strategic partnerships and securing funding for future drilling programs.
“By enabling exploration both on land and at sea, and fostering collaboration with experienced international partners, South Africa can finally move from energy poverty to energy abundance. SANPC has a key role to play in ensuring that exploration delivers tangible benefits not only in energy supply, but also in job creation, industrial growth and technological advancement,” said NJ Ayuk, Executive Chairman of the AEC.
