In a seismic shift poised to reshape South Africa’s energy sector, the South African National Petroleum Company (SANPC), a state-owned entity, has officially debuted, marking the beginning of a new chapter in South Africa’s energy transformation journey. At the helm of this transformation is CEO Godfrey Moagi, recently named the only South African on the African Energy Chamber’s (AEC) prestigious “Top 40 Movers and Shakers to Watch in 2025.”

The AEC’s annual list celebrates leaders who exemplify innovation, strategic vision, and tangible impact in Africa’s energy sector. Moagi’s inclusion reflects his alignment with the AEC’s core pillars: energy security, investment mobilization, and local empowerment. “The Top 40 list recognizes those driving Africa’s energy future through collaboration and transformative policies,” said NJ Ayuk, Executive Chairman of the AEC.

The SANPC’s debut at Africa Energy Week (AEW) 2024, held from 4-8 November in Cape Town, marked the first leg of the company’s Investor Roadshow Program, where it presented its bold vision to stakeholders across Africa, the Middle East, and Europe. The roadshow serves as a platform for forging strategic partnerships, promoting SANPC’s role in energy security, and positioning the company as a leader in Africa’s energy sector.

The SANPC merges three key historical entities in the industry: iGas, PetroSA, and the Strategic Fuel Fund (SFF). The merger, a strategic decision designed to unify and streamline South Africa’s energy resources, brings together vital infrastructure, expertise, and market opportunities under one roof. Moagi stresses that the consolidation will eliminate inefficiencies, optimize R1.5 billion in operational synergies, and unlock a R95 billion market opportunity critical for sustainable growth in an increasingly competitive global energy market.

At AEW 2024, the SANPC hosted a networking stakeholder breakfast session with Hon. Gwede Mantashe, Minister of Mineral and Petroleum Resources, affirming the company’s mandate. “SANPC represents a new era for South Africa’s energy landscape,” said Mantashe. “To improve operational efficiency within the Central Energy Fund (CEF) value chain and deliver shareholder value, we sought to minimize duplications that inhibit the Group from being a catalyst to reigniting the South African economy.”

South Africa faces significant energy security threats due to reliance on imports and reduced refining capacity. With imports already covering 65% of refined fuel needs, a figure projected to cost the economy R170–R174 billion annually by 2025, SANPC is prioritizing local infrastructure to stabilize supply chains. The country’s refining capacity has plummeted from 80% in 2010 to 35% in 2022, driven by aging infrastructure and underinvestment.

One of SANPC’s flagship projects under evaluation is the revitalization of the Gas-to-Liquids (GTL) refinery in Mossel Bay, a legacy asset currently non-operational due to feedstock shortages. The company is also assessing opportunities to convert shuttered refineries like Sapref into integrated petrochemical hubs, aligning with global trends to diversify into chemicals and offset volatile fuel margins.

Guided by the SANPC Bill, which empowers the company to streamline regulations and centralize import controls, SANPC aims to reverse import dependency. The Bill proposes tying fuel pricing to local refining costs, disincentivizing profit-driven import substitution by international oil companies.

Moagi’s regional vision aligns with the AEC’s emphasis on cross-border collaboration to address Africa’s energy deficits. At AEW 2024, he championed partnerships with Namibia in the shared Orange Basin, where joint development of offshore gas resources could benefit both nations. “By working together, we can close SADC’s projected 70% refining deficit by 2030 and create a unified, resilient energy sector,” Moagi remarked.

Globally, SANPC is leveraging partnerships with industry leaders like Petrobras to harness deepwater expertise while adhering to the AEC’s call for local capacity-building. “We look to Petrobras’s approach as a model for how we can harness South Africa’s offshore resources, especially in the Orange Basin,” Moagi noted.

In the wake of evolving global megatrends, SANPC will operate in an increasingly volatile, unpredictable, and disrupted world. South Africa’s fragile economy, with its urgent need for state-owned enterprises (SOEs) to drive infrastructure and industrial growth, underscores SANPC’s role as a catalyst for structural reform along the energy value chain.

“We are open to learning from global leaders, but our primary goal is to create a sector that serves South Africa’s people and strengthens our economy,” Moagi emphasized.

In May 2025, SANPC will participate in the Invest in African Energy (IAE) Forum in Paris, where Moagi will engage with global investors under the theme: “Pioneering Africa’s Energy Boom: Strategic Investment for Maximum Returns.”

“We are working toward a future where Africa is a net energy exporter, and SANPC is at the forefront of this transformation,” Moagi concludes. As SANPC advances an integrated energy future, it will address South Africa’s energy challenges, foster regional growth, and solidify its place as a cornerstone of Africa’s energy renaissance.