Oil, gas exploration key for economic growth – Minister Mantashe

Minister of Minerals and Petroleum, Gwede Mantashe, says gas and oil exploration is critical for the future of South Africa's economy. The Minister was speaking during a debate on the Opening of Parliament Address held in Cape Town. 'Our country is endowed with petroleum deposits that are not yet exploited. We appeal to South Africans to appreciate that our quest for exploration of oil and gas deposits is not a nice to have. 'It is important to turnaround the composition of our economy and therefore, that will translate into growth of the economy,' he said. Mantashe bemoaned what he called 'foreign funded NGOs that block exploration of gas and oil'. 'That is blocking economic development and we must confront it and deal with it. That doesn't mean we are not serious about responsible mining and exploration. We must accept, unreservedly, the need for mining and exploration that is conscious in preserving the environment while accelerating development,' he said. The Minister said as development and growth takes place, empowerment should not be put on the back burner. 'As we address the question of unemployment and develop a framework for economic growth, we should bear in mind that involving black South Africans in economic activity is not a favour. It is a necessary intervention because for many years…they were not active in economic activity so therefore the question of black economic empowerment and affirmative action is a necessary intervention in the economy,' he said. Source: South African Government News Agency