Streaming issues? Report here
Bongani Bingwa 702 Gradient Bongani Bingwa 702 Gradient
Breakfast with Bongani Bingwa
06:00 - 09:00
volume_up
volume_mute

Up Next: The Eusebius McKaiser Show
See full line-up
Breakfast with Bongani Bingwa
06:00 - 09:00

Home
arrow_forward
Business

MTN boss set to rake in billions from the Brulpadda gas find

14 February 2019 10:26 AM
Tags:
Brulpadda
offshore oil exploration
French oil and gas company Total and Nhleko’s company Arostyle Investments owns 45% and 5% of the exploration rights respectively.

MTN chairperson Phuthuma Nhleko could soon be a very wealthy man as he stands to have a stake in an asset that could yield $1 trillion from the recently-announced Brulpadda gas find which is located 275km south of Mossel Bay.

This is according to Helena Wasserman, editor of Business Insider South Africa.

She says Nhleko’s company Arostyle Investments owns 51% of a company called Main Street, which gives it about 5% of the gas exploration rights.

Nhleko is Main Street's only South African director.

Some estimates, and I think this widely optimistic, but they put the value at about $1 trillion and Nhleko would own a cool R685 billion.

Helena Wasserman, Editor - Business Insider South Africa

But Total has warned that it will cost more to extract oil in that region but it is a high-quality find.

Helena Wasserman, Editor - Business Insider South Africa

To hear the rest of the conversation, listen below:


This article first appeared on CapeTalk : MTN boss set to rake in billions from the Brulpadda gas find


14 February 2019 10:26 AM
Tags:
Brulpadda
offshore oil exploration

More from Business

140325Wakaberry.jpg

Famous brands hit by restaurant restrictions

26 May 2020 8:29 PM

Darren Hele, CEO of Famous Brands, tells the Money Show how the food outlets in the franchise have navigated lockdown.

Share this:
Read More arrow_forward

ucook-risottojpg

Ucook launches food fund

26 May 2020 7:32 PM

UCook has launched a Food Fund with FoodForward South Africa, the Philippi Economic Development Initiative and Ladles of Love.

Share this:
Read More arrow_forward

Spaza Shop.jpg

Covid-consumer trends from spaza shops, revealed by sophisticated scanner data

26 May 2020 6:56 PM

Sophisticated scanners reveal what products shoppers are buying when they visit spaza shops.

Share this:
Read More arrow_forward

Woman working from home mother children 123rflifestyle 123rfbusiness 123rf

How to claim against tax for home office expenses

26 May 2020 5:22 PM

Attorney Jean du Toit says you have to prove to Sars you have a separate office to your house exclusively used for that purpose.

Share this:
Read More arrow_forward

screen-shot-2020-05-26-at-90649-ampng

RR Logistics is transporting essential goods during national lockdown

26 May 2020 9:11 AM

Every day #702ShoutOut and Ninety One shines the spotlight an SMMEs doing great work during lockdown.

Share this:
Read More arrow_forward

download-6png

Why Nando's has been slow opening restaurants for delivery

25 May 2020 8:12 PM

Nando's has said it does not make commercial sense to open all outlets for delivery only.

Share this:
Read More arrow_forward

150112blood.jpg

The head of the blood service had Covid-19 and is now donating plasma

25 May 2020 7:28 PM

The head of the National Blood Service is now part of a blood plasma donation programme.

Share this:
Read More arrow_forward

tiger-brands-logopng

Tiger brands get mauled - and there may be significant job cuts

25 May 2020 6:51 PM

More health issues are devouring Tiger Brands.

Share this:
Read More arrow_forward

Open for business

Business sector gears up to open under level 3 lockdown

25 May 2020 6:37 PM

Many businesses are looking forward to the first of June to re-open, and hopefully stay open.

Share this:
Read More arrow_forward

52cd07c9efc60ee6a82b54bf0951459ejpg

Artjamming moves to virtual classes to keep afloat during lockdown

25 May 2020 10:17 AM

Every day #702ShoutOut and Ninety One shines the spotlight an SMMEs doing great work during lockdown.

Share this:
Read More arrow_forward