Minister of Minerals and Petroleum Resources Gwede Mantashe says South Africa could reach economic growth of up to eight percent if the petroleum sector is developed independently.
He delivered the welcoming address to hundreds of delegates at the Africa Oil Week in Cape Town.
Mantashe says he believes once key legislation such as the Upstream Petroleum Resources Development Bill is enacted, the country will see significant economic growth.
This is the first of its kind in the South African history as the Upstream Petroleum Industry has always been regulated as an appendage to other industries. We are convinced that once the bill is enacted into law, it will not only pave the way for an orderly development of the Upstream Petroleum Industry but will boost the countrys economic growth to eight percent.
