Deputy Speaker, according to Independent Online, two South African companies, PetroSA and Sasol, have partnered to explore for oil in the country's offshore area through a technical corporation permit, TCP.
The TCP allows the two companies to explore an area located within the Orange Basin in the Atlantic Ocean along the West coast of South Africa. The block is large and relatively underexplored. PetroSA and Sasol will each have a 50% equity share in the bloc.
According to PetroSA the Orange Basin has numerous players for the various blocs, including BHP Billiton, Shell, PetroSA, Anadarko and Sungo. PetroSA also has a relationship with Sunbird Energy and Cairn India to explore other areas.
For once South African companies display the will and zeal to work together in the oil and gas industry - an endeavour worth the praise it deserves.
What is also fundamental is that such advancement has the potential to reduce dependency on importing oil, which many will concede puts pressure on trade balance of payments and economic growth.
Undoubtedly, this joint venture resonates within the ANC-led government to build genuine partnerships for a better life for all. Working together, these oil companies, indigenous and South African, can do better to ensure a sustainable supply of fuel for our country.