Petroleum Africa
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Thursday, March 19, 2015
Sunbird Energy Ltd. and its partner PetroSA have entered into a GSA Term Sheet with Eskom Holdings to supply gas to the Ankerlig Power Station from the Ibhubesi Gas Project (IGP).
The GSA with Eskom is the accumulation of two years of negotiations between the technical, commercial and legal teams of the respective parties and sets the key commercial terms and processes for the finalization of a binding GSA during the course of 2015.
The GSA provides for the supply of 30 Bcf of gas per year for up to 15 years to the Ankerlig Power Station.
The signing of the GSA Term Sheet demonstrates Eskom’s commitment to the IGP and achieves a significant milestone on the path to development of Ibhubesi by connecting South Africa’s largest proven gas field with the Ankerlig Power Station, Sunbird said.
Having completed this step towards the commercialization of the IGP, Sunbird is now focused on the progressing the non-binding GSA Term Sheet to a fully termed and binding GSA in conjunction with PetroSA and Eskom. The GSA will also allow for the completion of further technical studies to support the subsurface and engineering aspects; and delivering a robust funding plan for project development through strategic investment, partnering and/or project financing.
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