Energy Security

[Ulenspiegel]

This doesn't seem to fit.
You seem to forget to include opportunity costs into how much they lose.

1 barrel of oil contains around 1600 kWh energy, of which -let's be a little bit optimistic- 50% can be converted into electricity (= 800 kWh).

One kw(p) of PV gives you 1800 kWh per year electicity in SA, it costs 1500 USD, its life span is at least 20 years, with 10% annual costs (credit repayment and interest, insurance, replacements of inverters) you pay 150 USD per year for 1800 kWh or around 8.5 USDcent per kWh, hence, the production of 800 kWh electricity with PV in SA cost you 66 USD.

So burning one barrel oil costs in SA at least 34 USD more than selling the oil for 100 USD per barrel and buying PV.

Burning oil means you have to buy and maintain a thermal engine + generator (additional costs), each price increase of crude makes the situation worse and after 20 years you have written off PV that gives you almost free energy for additional 10 years at least.

Therefore, PV perfectly makes sense in countries with high percentage of electricity from oil (Arabia, India, Pakistan) and a high electricity demand during daytime for running ACs.