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PetroSA buys into Ghana's Jubilee Field

Oct 17 2012 10:07 Reuters

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Cape Town - South African national oil company PetroSA has concluded a deal to buy oil and gas assets in Ghana, a senior official said on Wednesday, giving it access to crude from the huge Jubilee Field.

“We have bought Sabre Oil and Gas Holdings Ltd in Ghana, which gives us access to Jubilee Field and provides a strategic entry into the prolific Gulf of Guinea,” Nosizwe Nokwe-Macamo told parliament during a presentation on PetroSA’s annual report.

She did not provide details of the value of the deal in the West African nation, the world’s second-biggest grower of cocoa and whose economy has soared since oil was first pumped from Jubilee in 2010.

However, production delays have helped temper growth expectations, with Africa-focused Tullow Oil looking to ramp up output to 90,000 barrels a day by the end of the year. 

PetroSA, which reported a net profit of R1.4bn for the 2011-12 financial year, is looking for new acquisitions to grow its revenue base, largely dependent on its Mossel Bay gas-to-liquids refinery.

“Growth initiatives will include new upstream and downstream projects to complement the Sabre Oil and Gas acquisition, and possibly, the Venezuela mature fields,” said the annual report.

Nokwe said in July that PetroSA was in talks to buy Sabre assets in Ghana.

She also said at the time that it was in talks with Italian oil major ENI SpA to participate in its offshore Mozambique project, where ENI has made massive gas discoveries expected to turn the southern African nation into a major gas exporter.

PetroSA, which also has exploration acreage in Egypt, Equatorial Guinea and Namibia, has embarked on an aggressive campaign to buy new assets and diversify its revenue base.



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