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Cape Town - national oil company PetroSA has signed an agreement with petrochemicals group Sasol [JSE:SOL] to explore for oil and gas in the country's offshore Orange Basin.
The technical co-operation permit allows the companies to explore virgin territory in Block 3A/4A along the West Coast at water depths ranging between 100 and 500 metres, PetroSA said in a statement on Monday.
Sasol and PetroSA each own 50% equity of the block, which is close to the Ibhubesi gas field being developed by US company Forest Exploration International.
Prompted by massive oil and gas finds along the Mozambique coast, oil companies including ExxonMobil are flocking to South Africa to test its offshore potential.
