South African State Pension Fund Interested in Shale Gas Industry

South Africa's Public Investment Corporation (PIC) is interested in investing in country’s shale gas industry, reported news agency Reuters quoting its chief investment officer, Dan Matjila.

The intention is evidence of South African government’s commitment to developing a potential new supply of energy, Reuters said.

“Shale will be a game changer here and we will be the biggest investor,” Matjila told the news agency on the sidelines of a listing event at the Johannesburg stock exchange.

In October last year, country’s cabinet approved regulations on shale gas exploration and exploitation.

“The proposed regulations prescribe good international petroleum industry practices and standards, which enhance safe exploration and production of all petroleum - including, but not limited to, shale gas, and will further ensure that petroleum exploration is conducted in a socially and environmentally balanced manner,” Mineral Resources Minister Susan Shabangu said after the decision.

According to Reuters, another gas play on the PIC's radar screen is massive discoveries off the shores of Tanzania and Mozambique.

“Tanzania and Mozambique's offshore gas industries look interesting, we are looking at them quite closely because we believe gas will change the economic structure of the region,” Matjila said.

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