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Cape Town - South Africa's national oil company PetroSA said on Tuesday it has approved a $1bn offshore gas project that it expects will start producing by the first quarter of 2011.
The offshore gas field, called "FO" was located off the south coast and has in the region of 1 trillion cubic feet (TFC), with an upside of 2-3 TFC, the company said.
"Our next project is focusing on the FO project, which is the gas field approximately 40km away from the existing platform," Sandro Borean, PetroSA's regional manager for new ventures upstream told an African energy conference.
"It's a very large project, it's a billion dollar project or thereabouts and we anticipate first gas in the first quarter of 2013. This has been approved by the board recently," he said.
South Africa has limited gas reserves, mainly located in the south coast's block 9 region, where the FO field is, and is scrambling to secure supplies to one of the world's largest gas-to-liquids refineries in Mossel Bay.
PetroSA operates one of the world's largest gas-to-liquids refineries at Mossel Bay in South Africa and holds exploration acreage in Gabon, Equatorial Guinea, Egypt, Namibia and Mozambique.
The offshore gas field, called "FO" was located off the south coast and has in the region of 1 trillion cubic feet (TFC), with an upside of 2-3 TFC, the company said.
"Our next project is focusing on the FO project, which is the gas field approximately 40km away from the existing platform," Sandro Borean, PetroSA's regional manager for new ventures upstream told an African energy conference.
"It's a very large project, it's a billion dollar project or thereabouts and we anticipate first gas in the first quarter of 2013. This has been approved by the board recently," he said.
South Africa has limited gas reserves, mainly located in the south coast's block 9 region, where the FO field is, and is scrambling to secure supplies to one of the world's largest gas-to-liquids refineries in Mossel Bay.
PetroSA operates one of the world's largest gas-to-liquids refineries at Mossel Bay in South Africa and holds exploration acreage in Gabon, Equatorial Guinea, Egypt, Namibia and Mozambique.
