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

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


Recommended

by NEWSROOM AI
Read More
South Africa just became the world’s hottest destination for oil exploration

South Africa just became the world’s hottest destination for oil exploration

The Money Show’s Bruce Whitfield interviews Stephen Larkin, CEO at Africa New Energies.

[LISTEN] What you need to know about 'game-changing' gas-condensate discovery

[LISTEN] What you need to know about 'game-changing' gas-condensate discovery

Total announced on Thursday that it has opened up a “world-class” new oil and gas province off the coast of Mossel Bay.

[LISTEN] Total South Africa's gas discovery a game changer - Jeff Radebe

[LISTEN] Total South Africa's gas discovery a game changer - Jeff Radebe

The French energy company announced on Thursday the discovery of a 'significant' gas condensate.

3 experts agree: Sasol is an excellent investment right now

3 experts agree: Sasol is an excellent investment right now

It seldom happens that the experts agree. They do now. Sasol is, currently, one of the best shares you can buy.

Buy Sasol shares (despite very cheap oil) – market analyst

Buy Sasol shares (despite very cheap oil) – market analyst

Sasol shares are an excellent investment because of (not despite!) oil prices that won’t stay this low forever.

Popular articles
Can’t find your phone? Drop everything – thieves can get into your banking app!

Can’t find your phone? Drop everything – thieves can get into your banking app!

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

SAA is on its knees, cap in hand, asking taxpayers for R2 billion this month. Unions must be careful, warns Guy Leitch (SA Flyer).

[WATCH] Jozi motorist avoids hailstorm with inventive way to cover car

[WATCH] Jozi motorist avoids hailstorm with inventive way to cover car

Khabazela shares tweets and Facebook posts that have gone viral.

White pupils at posh Kingswood College refer to black scholars as 'snoobab'

White pupils at posh Kingswood College refer to black scholars as 'snoobab'

"This problem is bigger than just a Kingswood problem. The relevant processes will unfold," says College Head Colleen Vassiliou.

[WATCH] Pre-school class erupts as boy returns from RWC, goes viral

[WATCH] Pre-school class erupts as boy returns from RWC, goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

We’ll shut you down! – unions to SAA ('overstaffed by any measure globally’)

We’ll shut you down! – unions to SAA ('overstaffed by any measure globally’)

The money-pit airline is fighting for its life. Bruce Whitfield interviews Theto Mahlakoana, a senior political reporter at EWN.

[WATCH] Gay teen fights back against school bully as teachers do nothing

[WATCH] Gay teen fights back against school bully as teachers do nothing

Khabazela shares tweets and Facebook posts that have gone viral.

'I don’t need millions. All I want on my tombstone is... Best Dad Ever'

'I don’t need millions. All I want on my tombstone is... Best Dad Ever'

The Money Show’s Bruce Whitfield interviews Pilgrim about his attitude to money (hopes and fears, successes and failures, etc.).