South Africa’s PetroSA looks for equity partners in offshore blocks

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SOUTH Africa’s cash-strapped national oil and gas company, PetroSA, is looking to sell up to 49% equity stakes in around 10 offshore blocks, a document showed on Tuesday.

Among the stakes on offer was between 10 and 20% of PetroSA’s current equity holding of 40% in Block 1 on the West Coast. Cairn India holds the remaining 60 percent interest.

“PetroSA intends to farm out its equity interests in various blocks in South Africa to a technically and financially robust partner(s),” it said at an African oil and gas conference in Cape Town.

An exploration well is planned for 2017 to test prospectivity in Block 1, situated in an area where Shell and Anardarko were also doing evaluations.

PetroSA was also looking to farm out stakes in its Block 9 North, which was close to its under-performing gas-to-liquid refinery at Mossel Bay.

“1,2 trillion cubic feet (TCF) of gas and 120 million barrels of oil/condensate has been recovered and the estimated remaining potential is more than 3 TCF of gas,” PetroSA said.-Reuters

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