Use our pull-down menus to find more stories
  


OR subscribers use AllAfrica's premium search engine


Click here to read or make comments on this topic »

Egypt: PetroSA Seeks Global Partners for Projects in Country


Business Day (Johannesburg)
 

Email This Page

Print This Page

Comment on this article

Business Day (Johannesburg)

5 June 2008
Posted to the web 5 June 2008

Siseko Njobeni
Johannesburg

STATE-owned oil and gas company PetroSA is looking for international partners for its exploration and production project in Egypt.

The move would enable PetroSA to share the costs of the oil production on the East Warda Block, which is in the Gulf of Suez, Egypt, the company said yesterday.

As a result, its equity in the project would fall from 100% to 80%-60%, enabling PetroSA to maintain majority shareholding of the project, said Bradley Cerff, PetroSA's regional manager for east and west Africa.

Cerff said that in the pursuit of exploration and production opportunities, companies often made commitments to governments, and the oil and gas business was risky. "It is wise to get partners on board," he said.

Cerff said PetroSA wanted the partners on board for the drilling activities, which it expected would begin in October . But he warned this could be delayed until the end of the first quarter next year owing to the unavailability of drilling rigs. A global shortage of rigs has led to exploration delays .

PetroSA's new GM in Egypt, Saleem Soobader, said he was optimistic the search for partners would yield positive results. "Based on the results of the seismic reprocessing, we are confident this opportunity will receive interest," he said.

PetroSA opened an office in Cairo this week following the acquisition of the East Warda Block in 2005. PetroSA and Egypt's government entered into a concession agreement last year.

Relevant Links

The foray into Egypt is part of PetroSA's change in focus from local to international investments to ensure a secure supply of liquid fuels for SA.



AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

 
Share this on:
Facebook
Digg
Del.icio.us
StumbleUpon
Muti


Copyright © 2008 Business Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here.

Make allAfrica.com your home page | RSS Feed

Top | Site Guide | Who We Are | Advertising | Search | Subscribe

Questions or Comments? Contact us. Read our Privacy Statement.

HOME
allAfrica.com


Relevant Links




Stand Up for EAC Common Market
Oil, Gas Not Real Wealth - LNG Boss
First Alliance Applauds Pencom's Activities
NPA Irresponsible, MD Admits
New Power Plant for Kaduna, Kano And Katsina





Today's Most Active Stories