South Africa’s state-run firm PetroSA has landed in Ghana with the acquisition of Sabre Oil & Gas Holdings. The firm purchased Sabre Oil & Gas Holdings for an undisclosed amount, giving the company a stake in Ghana’s offshore Jubilee field, as well as Sabre’s interest in the Deepwater Tano and West Cape Three Points blocks.
The purchase received the consent of Ghana’s Energy Minister Dr. Joe Oteng-Adjei, following approval of the acquisition by South Africa’s Energy Minister Dipuo Peters.
The acquisition follows a bidding process that saw PetroSA shortlisted with two other international oil companies. It was revealed in May that Kosmos Energy, one of PetroSA’s new partners in Ghana, had pulled out of negotiations to acquire the Sabre stake the Deepwater Tano License.
CEO of PetroSA Nozizwe Nokwe-Macamo said the acquisition was part of the state-owned company’s strategy to increase its African footprint. While Sabre’s interest in the Ghanaian acreage was not large, the acquisition does increase PetroSA’s reserves and gives the company, which has been heavily dependent on income from its GTL refinery in Mossel Bay, immediate access to production revenue.
“This deal provides PetroSA with a unique opportunity to establish a presence in this highly prospective region. We are very happy to be working with reputable partners such as Anadarko, Kosmos, Tullow and, of course, our counterparts, the Ghana National Petroleum Corporation,” Nokwe-Macamo said.