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The DRC currently produces just over 20,000 bbl/d of oil
23/10/2012
PetroSA to explore DRC
Cooperation committee set up with Cohydro Sarl
Helen Tunnicliffe
SOUTH African oil company PetroSA has signed a deal with its counterpart in the Democratic Republic of the Congo (DRC), Cohydro Sarl, to jointly explore and develop oil and gas projects in the country.
The two companies have set up a joint committee to develop a framework for cooperation and oversee activities. The DRC currently produces just over 20,000 bbl/d of oil and has proven reserves of 180m bbl.
“We are pursuing several growth initiatives. At the core of this is the establishment of strategic partnerships with several national oil companies located on the continent and internationally,” says PetroSA CEO Nosizwe Nokwe-Macamo. “PetroSA is poised to grow into a leading integrated African energy company. This requires a nurturing of strategic partnerships that can assist PetroSA to achieve its objectives across the value chain.”
In September, PetroSA bought Ghanaian company Sabre Oil and Gas Holdings, giving it a stake in the producing Jubilee oil field around 60 km offshore Ghana, which has proven reserves of 600m bbl. It also recently signed a joint study agreement with Sinopec to build a refinery in South Africa’s Eastern Cape and signed a memorandum of understanding to establish a relationship with its counterpart in Mozambique, Petromoc.
