Petroleum Africa
Find us on: 
Tuesday, April 30, 2013
South Africa’s state-run firm PetroSA has come under investigation regarding its purchase of Sabre Oil & Gas Holdings. The country’s anti-corruption unit, following a report from the Mail & Guardian questioning payments made for the acquisition, launched an investigation.
The newspaper said the transaction involved millions of dollars of irregular payments.
“We are investigating PetroSA, but are not at liberty to talk about the nature of the investigation,†Captain Paul Ramaloko, a spokesman for the police’s special anti-corruption unit told Reuters.
PetroSA maintains that the transactions are legitimate and there are occasions when such deals required “swift decision making and quick turn-around times.”
“In the process of increasing PetroSA’s chances of successfully closing these deals, unfortunately some deviations from our normal procurement processes have occurred,†the company said in a statement. “These were duly declared in the annual financial report of last year,†it said, adding that its board of directors had commissioned a review and would report findings to shareholders.
PetroSA said in a statement that the final price of $500 million plus contingencies it paid for Sabre was “favorable to PetroSA.”
The acquisition of Sabre gave the state-run firm access to much needed crude produced by Ghana’s Jubilee field.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
