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.