South Africa Oil & Gas Q1 2019
We hold our relatively bearish outlook for South Africa's oil and gas sector. The country's upstream potential remainsconstrained by regulatory uncertainty, lack of infrastructure and water scarcity. While offshore exploration is showing signs ofactivity, we do not expect major discoveries in the near- to medium-term. Given limited domestic production, South Africa willbecome even more dependent on oil and gas imports. Meanwhile, the country's large downstream sector is outdated and willcontinue to operate inefficiently due to lack of investment.
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