PetroSA and Cairn India Group to Explore In SA

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VENTURES AFRICA – South African national oil firm, PetroSA and Cairn India Group have signed a farm-in deal to explore crude oil and natural gas in Block 1 off of South Africa’s west coast, both companies announced in a joint statement on Thursday.

The block has shown much prospect for oil and gas exploration after testing and the companies have begun preliminary exploration.

Cairn India acquired a 60 percent buy-in in the block’s stake to help finance operations, while PetroSA owns the remaining 40 percent.

Block 1 which spans 19,922 km2 is located in the Orange Basin. PetroSA is a South African state-owned oil and gas company that produces high-quality, environmentally-friendly, petrochemical products for the global market.

Tags:Business in Africa Cairn India Group Oil & Gas in Africa PetroSA South African news Ventures Africa

Goke

Oyeniyi Adegoke is a staff writer for Ventures Africa and a business writer with passion for entrepreneurship and disadvantaged kids. He studied Mathematics and Statistics at the University of Lagos whilst co-building an indigenous social platform, ovaloaded.com, before it was bought over. Goke has published an e-book -- X the Box, managed the publishing of a national agricultural magazine and written several business plans and published articles.