South Africa’s national oil company, PetroSA has completed the acquisition of oil and gas assets in Ghana, for an undisclosed fee according to a senior official, giving the state-owned company access to crude from the huge Jubilee Field.
Nosizwe Nokwe-Macamo, Group Chief Executive PetroSA, said: “We have bought Sabre Oil and Gas Holdings Ltd in Ghana, which gives us access to Jubilee Field and provides a strategic entry into the prolific Gulf of Guinea.”
The gulf is now regarded as one of the world’s top oil and gas exploration hotspots. While Middle East oil producers currently account for about 25 percent of all United States oil imports, Gulf of Guinea suppliers, mainly Angola and Nigeria, account for about 15 percent.
The Jubilee oil field which has a total proven reserves of around 600 million barrels, with production centered around 90,000 barrels per day, was discovered by Irish owned oil company Tullow, in 2007.
The Irish explorer described the find as “massive,” saying it was its largest discovery at the time.
In July, Nokwe had disclosed that PetroSA ,which currently has exploration acreage in Egypt, Equatorial Guinea and Namibia, had started discussions to buy Sabre assets in Ghana, in an aggressive move to diversify its revenue base.
The company’s latest annual reports states that new upstream and downstream projects will be undertaken by PetroSA to complement the Sabre Oil and Gas acquisition.
PetroSA reported a net profit of 1.4 billion rand ($162 million) for the 2011-12 financial year.