The SA consortium behind the major gas and oil find off the coast of Mossel Bay is exhilarated by the development. “It’s a fantastic result. We just want to drink Champagne now,” said Jan Maier, director of Main Street 1549 consortium, which holds 10% in the prospect. Last Thursday, French oil and gas company Total announced a significant discovery of gas condensate, which has opened a new “world-class gas and oil play” in SA waters. Gas condensate is predominantly gas but with traces of oil. Independent experts say the project could generate R1-trillion for the SA economy over the next 20 years. The block in which the discovery was made is operated by Total, which holds a 45% working interest. Qatar Petroleum holds 25%, while CNR international has 20% and Main Street 10%. Main Street, which is 51%-owned by businessman Phuthuma Nhleko’s Arostyle Investments, bought into the venture in 2017. Nhleko is mobile group MTN’s chair. The remaining 49% of Main Street is held by Africa Energy...

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