South Africa, reliant on imports for 70 percent of its oil needs, intends to more than double domestic production to become more self-sufficient and boost the economy.

The country plans to pump 370,000 barrels of oil equivalent a day from offshore wells by 2033, President Jacob Zuma said Thursday in Pretoria. That would create as many as 130,000 jobs and add $2.2 billion a year to gross domestic product, he said.

South Africa pumps little oil itself — less than 5,000 barrels a day — but produces about 160,000 barrels a day by processing coal into liquid fuel, according to the U.S. Energy Information Administration. The government’s Operation Phakisa, a project started last year to spur local output, has a target to drill 30 offshore exploration wells in a decade.

Source: www.mineweb.com

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