Sasol Assigns 15% in M-10 Block to ENH

Source: www.gulfoilandgas.com 8/24/2010, Location: Africa

Sasol, through Sasol Petroleum International Pty Limited (SPI), the wholly owned upstream oil and gas subsidiary of Sasol Limited, and PETRONAS announced the joint assignment of a 15% participating interest in the M-10 Block, offshore Mozambique to Empresa Nacional de Hidrocarbonetos (ENH), the Mozambique national hydrocarbon exploration company. This results in an equity split in the M-10 Block of a 42.5% participating interest to each of Sasol and PETRONAS with the remaining 15% to be held by ENH.

SPI also assigned a 15% participating interest in the Sofala Block, offshore Mozambique to ENH, which was held on a 100% basis by SPI. ENH assumes the aforementioned assignments in the Sofala and M-10 Blocks in their capacity as representative entity of the Mozambique Government. Sasol remains Operator of both the Sofala and M-10 Blocks. During November 2009 SPI entered into an arrangement with PETRONAS as a strategic partner, in which SPI and PETRONAS jointly acquired equal shares in the M-10 Block while SPI acquired 100% of Sofala Block.

"It is an important milestone for SPI to have ENH as part of the exploration activities in the Sofala and M-10 Blocks. The two blocks form an integral part of SPI's growth strategy in our Mozambican heartland and the assignments to ENH substantially strengthen the relationship Sasol has with the Government and the people of Mozambique and is proof of Sasol's long term commitment to responsible and representative development of Mozambique's valuable natural resources", said Ebbie Haan, Managing Director of SPI.

Sasol Petroleum International develops and manages Sasol's upstream interests in oil and gas exploration and production in a number of countries. SPI also pursues gas exploration opportunities to enable it to supply feedstock to potential Sasol Gas-to-Liquids (GTL) plants.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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