State oil company PetroSA signed a cooperation agreement with the Democratic Republic of Congo’s National Oil Company (NOC) Cohydro Sarl on Tuesday in order to advance its vision of becoming a leading African energy company.
The agreement ensures that the two NOCs will develop a framework for cooperation and jointly pursue oil and gas opportunities in the DRC, PetroSA said in a statement.
A Cooperation Committee consisting of members from PetroSA and Cohydro Sarl has also been established to facilitate the implementation of the agreement.
Cohydro Sarl was established in 1999 and is involved in the exploration, exportation, importation and distribution of hydrocarbons in the DRC. It is at the forefront of efforts to explore the DRC’s hydrocarbon potential.
The agreement represented a significant milestone, said PetroSA Group chief executive officer, Nosizwe Nokwe-Macamo.
"PetroSA faces an exciting future. We are pursuing several growth initiatives. At the core of this is the establishment of strategic partnerships with several NOCs located on the continent and internationally," she said.
"PetroSA is poised to grow into a leading integrated African energy company. This requires the nurturing of strategic partnerships that can assist PetroSA to achieve its objectives across the value chain."
In recent months PetroSA has established relationships with MozambiqueÂ’s PetroMoc, China’s Sinopec, and the Korea National Oil Corporation.
The South African NOC has also forged relationships with New York Stock Exchange- listed General Electric, as well as Eni, the Italy-based international integrated energy company.
In September, PetroSA also acquired a minority interest in Ghana’s Jubilee oil field.