VENTURES AFRICA – South Africa’s state-owned oil exploration company PetroSA is set to acquire Sabre Oil and Gas assets in Ghana, with an eye also on the lucrative Jubilee field, the head of the oil group said on Thursday.
Speaking to Reuters in an interview, CEO of PetroSA Nosizwe Nocawe Nokwe said the company hopes “to conclude (the Sabre deal) in the near-term future”, but declined to reveal the potential value of the deal.
In addition to the Sabre deal, PetroSA is also interested in the offshore Mozambique project of Italian oil company Eni SpA which is set to turn Mozambique into a key gas exporter. It may also be part of the next oil blocks bidding round expected in Mozambique towards the end of the 2012.
“In our upstream strategy we are looking at access to near-producing blocks. We are constantly looking at opportunities … either by acquisitions or bidding for acreage,” Nokwe said.
Since its new management was announced in March, PetroSA has been searching for new oil and gas projects in Africa. It is also acquiring downstream assets to diversify revenue beyond its South African gas-to-liquid plant.