South Africa’s National Oil Company, PetroSA, has signed a Technical Cooperation Permit (TCP) agreement with Sasol to explore a block in the country’s offshore area.
The TCP represents the first such cooperation in exploration between the two companies in 10 years.
It allows the two companies to explore Block 3A/4A, which is located within the Orange Basin, along the western margin of South Africa. Large and relatively under-explored, the block covers 19 066 km2, with water depths ranging from 100 to 500 metres.
PetroSA and Sasol each have 50% equity in the block, and PetroSA will be the operator of the TCP.
PetroSA Group CEO Ms. Nosizwe Nokwe-Macamo said that, 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 Corporation, 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,” Ms. Nokwe-Macamo said.
She also noted that Block 3A/4A is on trend with the Ibhubesi Gas Field located to the immediate North. During the TCP PetroSA will conduct geochemical analysis, basin modeling and seismic interpretation in order to evaluate the acreage’s hydrocarbon prospectivity.
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