SANPC CEO Joins G20 Forum as South Africa Targets Accelerated Hydrocarbon Exploration

Godfrey Moagi, CEO of the South African National Petroleum Company (SANPC), has joined the African Energy Chamber’s (AEC) (https://EnergyChamber.org/) G20 Africa Energy Investment Forum – taking place in Johannesburg on November 21, 2025. Moagi’s participation comes at a time when South Africa is implementing measures to accelerate oil and gas exploration across on- and offshore basins and is expected to support new deals and partnerships as the country pursues near-term oil and gas production.

With significant resource potential across onshore and offshore basins, South Africa is taking steps towards transforming its energy sector through upstream development. In October 2025, the country announced that it is lifting the moratorium on shale gas exploration, paving the way for new investments across strategic areas such as the Karoo Basin. While unproven, the basin is estimated to hold up to 200 trillion cubic feet of technically recoverable shale gas resources, the development of which could become a catalyst for enhancing energy security and supporting a just energy transition.

South Africa’s Oil and Gas Potential

South Africa’s oil and gas potential transcends onshore margins, with proven resources revealed in the offshore Outeniqua Basin – home to the Brulpadda and Luiperd finds – and estimated resources in the Orange Basin – which extends into Namibia. While environmental and financial challenges have impacted development, the country’s offshore market is witnessing renewed interest by global operators. Notably, energy major Shell secured approval for a five-well drilling campaign in the Northern Cape Ulrta Deep block, while TotalEnergies is targeting a two-well wildcat campaign in South Africa’s portion of the Orange Basin. These campaigns stand to unlock these basins, introducing a new source of energy for South Africa’s high-demand market.

Supporting these efforts, South Africa also signed its Upstream Petroleum Resources Development Act into law in 2024, offering a separate regulatory framework for the country’s upstream oil and gas sector. The act aims to accelerate exploration and production, facilitate development and support foreign investment by providing a transparent and industry-focused piece of legislation, highlighting the government’s commitment to the industry.

2025 PLAN

The establishment of the SANPC in 2025 is also a strong reflection of the country’s commitment to improving industry oversight, transparency and growth, while strengthening the operational capacity of South Africa’s state-owned entities. Created through a merger of iGas, PetroSA and the Strategic Fuel Fund, the SANPC aligns with regional trends in governance and is positioned as a vehicle for investment and project development. For international operators, the establishment of the SANPC signals the emergence of strong, competitive national partner, thereby enhancing South Africa’s attractiveness as an oil and gas investment destination.

The scale of capital and expertise required to develop shale and offshore resources calls for robust partnerships between the state, private operators and international investors. The G20 Africa Energy Investment Forum provides the ideal platform for advancing this agenda. Bringing together global financiers, energy leaders and policymakers, the forum will showcase South Africa’s reformed upstream framework and investment-ready opportunities. For SANPC, it represents an opportunity to position the company as the linchpin of the country’s exploration revival, attracting strategic partnerships and securing funding for future drilling programs.

“By enabling exploration both onshore and offshore, and by fostering collaboration with experienced international partners, South Africa can finally move from energy scarcity toward energy abundance. The SANPC has a vital role to play in ensuring that exploration delivers tangible benefits - not just in energy supply, but in job creation, industrial growth and technological advancement,” states NJ Ayuk, Executive Chairman of the AEC.