WATCH: South Africa’s PetroSA eyes Russia for $359m farmout deal
(Jacob Ford/Odessa American via AP, File)
JOHANNESBURG – South Africa’s national oil company PetroSA and Russia’s state geological company Rosgeologia are in talks to finalise a $359 million farmout deal to give Russia its first foothold in a prospective oil and gas field offshore South Africa, three sources said.
PetroSA is under pressure to boost dwindling domestic resources that have imperiled its flagship Mossel Bay gas-to-liquid refinery, which is operating well below capacity. The company is hoping the tie-up with Rosgeologia (Rosgeo) and other partners, including Norway’s Equinor, will accelerate exploration in acreage it holds.
Source: iol.co.za
