News // Companies
Russia´s Rosgeologia and PetroSA signed $400 mln deal for oil & gas exploration in South Africa
05 September 2017 , 10:25Neftegaz.RU364
State-owned PetroSA has signed an agreement on September 4, 2017, with Russian geological exploration company Rosgeologia that will result in the investment of about $400-million in oil and gas development off the coast of South Africa.
The agreement was signed at the 9th yearly Brics Summit that is currently under way in China.
The agreement involves the development in the exploration areas of blocks 9 and 11a off the South Coast of South Africa.
Rosgeologia will conduct a considerable volume of geological exploration work within these blocks and plans to carry out more than 4 000 m2 of 3-dimensional seismic operations and over 13 000 km of gravity-magnetic exploration works, as well as the drilling of exploratory wells.
The project envisages the extraction of up to 4-million cubic metres a day of gas, which will be delivered to PetroSA’s gas-to-liquids refinery in Mossel Bay.
«The signed agreement is aimed at developing bilateral relations and will strengthen Rosgeo’s presence in the African market,» Rosgeo CEO Roman Panov said.
Central Energy Fund chairperson Luvo Makasi said the search for oil and gas resources in South Africa remained strategic for the country’s energy security and was important to PetroSA’s continued and sustainable survival.
«South Africa’s oil and gas potential remains largely unexplored. This exploration effort presents significant upside to both the country and PetroSA,» he said.
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