Friday, July 13, 2012

PetroSA Negotiating for Jubilee Stake

PetroSA is looking to pick up a stake in Ghana’s Jubilee oilfield and is in talks with Sabre Oil & Gas. Nosizwe Nocawe Nokwe, the head of South Africa’s state-run company, said the company hoped to conclude the deal soon.

"We hope to conclude (the Sabre deal) in the near-term future," Nokwe told Reuters, but declined to disclose the potential value of the deal.

There is also a possibility that PetroSA will pick up a stake in Mozambique’s recently discovered offshore natural gas bounty. Nokwe said the company was in talks with ENI regarding a potential partnership in the neighboring country.

PetroSA may also participate in the next bidding round for blocks expected in Mozambique towards the end of the year.
"In our upstream strategy we are looking at access to near-producing blocks. We are constantly looking at opportunities ... either by acquisitions or bidding for acreage," she said.

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