Petroleum Africa
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Friday, November 21, 2014
SacOil Holdings Ltd. out of South Africa is looking to diversify its portfolio and towards that end will be building a gas pipeline in Mozambique and developing oil wells in Egypt that it gained access to earlier this year.
CEO Thabo Kgogo said in an interview with Bloomberg that the company was in talks with international engineering firms regarding participation in the Mozambique project that would involve the construction of a gas processing plant and a pipeline. The processing plant would be located in Mozambique with a pipeline to carry fuel 600 km to South Africa. SacOil hopes to start feasibility studies in Q1 2015.
The pipeline project is part of a MoU SacOil signed with South Africa’s Public Investment Corp. Ltd. and Mozambique’s Instituto De Gestão Das Participações Do Estado.
In Egypt the company acquired the Lagia oil field in September from Mena International Petroleum Co. Ltd. in a deal that included $10 million in shares and settling as much as $4.1 million of liabilities. The company can start hydraulic fracturing on current wells this year and drilling additional wells in early 2015 “with the intention of ramping up production to about 1,000 bpd” of oil, Kgogo told Bloomberg.
SacOil also holds stakes in Malawi, Botswana, and the Democratic Republic of Congo.
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