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PetroSA Signs MoUs with Neighboring NOCs

South Africa News 11-23-2006

 PetroSA has expanded its reach in Africa when it entered into a memorandum of understanding (MoU) with Namibia’s state-owned oil and gas firm, NAMCOR and Mozambique’s state-owned oil and gas firm ENH.

South Africa is fast running out of resources to power its homeland and has undertaken an ambitious program to acquire assets outside of its border to bring hydrocarbons and power home for domestic consumption.

The MoU’s were signed at Global Pacific & Partner’s recent Africa Upstream Conference in Cape Town, South Africa. "We will jointly explore and develop business opportunities favorable for the development of gas-to-liquid opportunities, amongst other things," PetroSA President and Chief Executive Officer Sipho Mkhize said.

"There is sufficient basis for a working relationship to the mutual benefit of each NOC within the Southern African region; this memorandum of understanding sets the stage for a definitive collaboration," said Mkhize.