PetroSA teams up with Cairn India for oil, gas exploration in South Africa.

By bne IntelliNews August 17, 2012
South Africas national oil company PetroSA has signed a farm-in agreement with Cairn India for crude oil and natural gas exploration off the cost of South Africa, the company said in a statement on its website. The agreement, whose value was not announced and is subject to regulatory approvals in South Africa, covers exploration in Block 1 in the Orange Basin on the west coast of South Africa. The block covers an area of 19,922 sq km and has an existing gas discovery and identified oil and gas leads and prospects. Cairn India, the countrys largest private oil producer, will hold a 60% interest in the block and will be the blocks operator and PetroSA will hold the remaining interest. In May, PetroSA and China Petroleum Corporation (Sinopec) signed a joint study agreement (JSA) for the development of a new crude-oil refinery, which is set to become the countrys biggest. The estimated USD 10bn Mthombo refinery will be built at the 110 sq km Coega industrial development zone near Port Elizabeth, in the Eastern Cape province of South Africa. The refinery, to have a planned capacity of 400,000 barrels a day, is expected to be commissioned in 2018 to 2020.
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