PetroSA, Cairn India Ink Oil, Gas Exploration Deal
Block 1 covers an area of 19,922 square km and is currently in the initial stages of exploration. It has an existing gas discovery and identified oil and gas leads and prospects. Located in the geologically proven Orange Basin along the north western maritime border of South Africa with Namibia, the block is on trend with the discovered Kudu and Ibhubesi gas fields. Cairn India will, through a wholly owned South African subsidiary, hold a 60% interest in the block and will be the Operator, with PetroSA holding the remaining interest.
For PetroSA the move will help the company to nurture strategic alliances with experienced international companies across the oil and gas value chain.
This is a step forward in achieving Cairn India’s strategic goal of growing its resource base by acquiring exploration and appraisal assets outside the Indian sub-continent, the company said.