Petroleum Africa
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Friday, June 14, 2013
PetroSA and Sasol have joined forces to explore on a block in South Africa. The two signed a Technical Cooperation Permit (TCP) agreement to explore Block 3A/4A offshore the country.
This is the first time the two South African companies have worked together in about 10 years.
Large and relatively under-explored, the block covers 19,066 sq km, in water depths ranging from 100 to 500 meters. PetroSA and Sasol each have 50% equity in the block. PetroSA will be the operator.
PetroSA Group CEO Nosizwe Nokwe-Macamo said: “In order to deliver on its mandate of ensuring security of liquid fuels supply in the country, the National Oil Company entered into strategic partnerships with different entities. In the past two years PetroSA has concluded cooperation agreements with well-known oil and gas companies such as Sinopec, ENI, PetroMoc and the Korea National Oil Corp., among others. The partnership with Sasol on Block 3A/4A has significant strategic value to PetroSA’s West Coast exploration efforts.”
“The rationale for the partnership with Sasol is that South Africa wins when the country’s two oil and gas companies work together to leverage their respective expertise.” Nokwe-Macamo added.
She also noted that Block 3A/4A is on trend with the Ibhubesi Gas Field located to the immediate north. During the TCP duration, PetroSA will conduct geochemical analysis, basin modeling and seismic interpretation in order to evaluate the acreage’s hydrocarbon prospectivity.
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