PetroSA signs a MoU with the National Oil Company of Venezuela.
Posted on September 4, 2008 – 12:41 pm | by oilandgaspress.com
Cape Town (03.09.08) - On the 2nd September 2008, the South African Government and the Government of Venezuela executed a number of official trade agreements as part of the bi-lateral arrangement between South Africa and Venezuela.
As part of this bi-lateral PetroSA as the South African National Oil Company (NOC) and PDVSA, the Venezuelan National Oil Company met and finalised two MoU’s and one Study Agreement which were signed yesterday.
PetroSA qualified as an operator in Venezuela for offshore gas exploration.
PetroSA and PDVSA discussed a strategic integrated proposal as a framework for co-operation between two National Oil Companies (“NOC’s) in the area of oil and gas.
The strategic proposal addresses the following:
PetroSA’s participation in exploration and production activities in the Orinoco Oil Belt (which is typically heavy oil fields). To this end, PetroSA entered into an agreement for the study for the quantification and certification of reserves in “Boyaca 4” Block which covers an area of approximately 700 Km2, in the Orinoco Oil Belt;
Invitation to PDVSA for joint investments with PetroSA in the proposed crude oil refinery planned for development in Coega, Port Elizabeth and associated storage facilities in South Africa;
Invitation to PDVSA to utilise South Africa’s crude storage facilities in Saldanha, which has a storage capacity of 45 MMBls, for possible trans-shipment to the Asia and the Far East;
PetroSA offered to share its low temperature GTL technology with PDVSA to commercialise Venezuelan gas assets;
Invitation to PDVSA to evaluate the possibility of acquiring an interest in PetroSA’s exploration assets that are located in Africa;
As the South African National Oil Company, PetroSA is aggressively pursuing all petroleum initiatives which serve to promote oil and gas development and production with a view to ensuring security of supply for the country.
For more information contact:
Thabo Mabaso
Manager: External Communications
PetroSA
084-466-3942
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Tags: National Oil Company, PetroSA, Venezuela
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