PetroSA acquires stake in Ghana’s Jubilee field

Image source: PetroSA.Image source: PetroSA.PetroSA, South Africa’s national oil company, has purchased Sabre Oil and Gas Holdings for an undisclosed amount, giving the company a stake in Ghana’s offshore Jubilee field

The company also bought out Sabre’s interest in the Deepwater Tano and West Cape Three Points blocks, in Ghana.

The Jubilee oil field is located 60 km offshore and is the largest field in Ghana, with total proven reserves of around 600mn barrels.

The Deepwater Tano and the West Cape Three Points have existing oil and gas discoveries, for which developments plans are in progress, according to a PetroSA statement.

Consent for the purchase was granted by Ghana’s energy minister, Dr Joe Oteng-Adjeim, and followed a bidding process that shortlisted PetroSA along with two other international oil companies.

PetroSA’s chief executive officer, Nosizwe Nokwe-Macamo, said the acquisition was part of the company’s strategy to increase its African footprint.

“This deal provides PetroSA with a unique opportunity to establish a presence in this highly prospective region,” said Nokwe-Macamo.

“We are very happy to be working with reputable partners such as Anadarko, Kosmos, Tullow and, of course, our counterparts, the Ghana National Petroleum Corporation.” 

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