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Petronas Acquires 35% Interest in Blocks 16 & 19

Source: www.gulfoilandgas.com 10/31/2008, Location: Africa

Sasol announces that it and Petronas of Malaysia have entered a strategic partnership covering an offshore hydrocarbon exploration programme in Mozambique, where drilling commenced in early October. Sasol will continue as operator of the joint venture consortium.

In terms of the partnership agreement the equity split in Blocks 16 & 19 offshore Mozambique will be Sasol Petroleum International (SPI) 50%, Petronas Carigali Mozambique E&P Limited 35%, and the Government of Mozambique and its national oil company, Empresa Nacional De Hidrocarbonetos De Mozambique, E.P. (ENH)15%.

"This agreement brings Sasol's equity in line with internationally accepted operating profiles within the upstream oil and gas industry," said Sasol Group GM, Lean Strauss.

"Sasol is already exploring the resource base offshore Mozambique and we are delighted to form this strategic partnership with Petronas, a company with a proven track record of offshore oil and gas developments, particularly in conditions similar to our current project," he said.

Besides extensive holdings onshore Mozambique, where Sasol operates the Pande and Temane gas fields and has access to Block A, SPI is rapidly increasing its international footprint. It recently obtained a 51% working interest in four hydrocarbon prospecting licenses in the "foreland" area of Papua New Guinea. An offshore exploration license has also been secured recently off the northwest shelf of Australia.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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