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South Africa will introduce new oil and gas laws after elections next year, says Mineral Resources Minister Gwede Mantashe.
PetroSA has signed a deal with Russian exploration company Rosgeo which is expected to bring oil and gas development of about $400m to South Africa.
The governments of Egypt, Greece and Cyprus have urged Turkey to stop trying to chart gas deposits in areas of the east Mediterranean.
Contrary to media reports, Australian Securities Exchange-listed entity Invictus Energy Limited is yet to discover oil, the company has said.
Sasol aims to save between R30bn and R50bn after managing to conserve R8.9bn already in response to low crude oil prices.
Billionaire Dan Gertler's company has discovered an amount of oil similar to the proven reserves of oil producers Britain and South Sudan in the DRC.
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