Menu

Russia’s Rosgeo in $400MN deal to drill for South African gas

Featured

Gas - [http://g.fastcompany.net/multisite_files/fastcompany/poster/2013/05/3009637-poster-1920-nypd-rehearsing-subway-gas-attack.jpg] Gas - [http://g.fastcompany.net/multisite_files/fastcompany/poster/2013/05/3009637-poster-1920-nypd-rehearsing-subway-gas-attack.jpg]

Russian exploration company Rosgeo will drill for gas off the southern coast of South Africa under a $400 million deal with PetroSA to help build the African country’s reserves.

The agreement announced on Monday comes against a backdrop of declining domestic gas reserves that have curtailed output at PetroSA’s gas-to-liquid plant in Mossel Bay.

“The project envisages extraction of up to 4 million cubic metres of gas daily. This will subsequently be delivered to PetroSA’s gas-to-liquids refinery,” PetroSA said in a statement.

The deal was signed on the sidelines of the BRICS block of developing nations meeting in Xiamen, China, and will see Rosgeo use seismic and drilling vessels to explore South Africa’s south coast, where Total also had acreage.


 

Source

CNBCAFRICA

back to top

Industries

About us

Follow us

Follow us @BusinessNewsCT

BusinessNewsCT To save Eskom from ruin, SA should ditch nuclear plan and cut coal power - https://t.co/HjGIrjO0Ne https://t.co/VqsYlNVufa
3hreplyretweetfavorite
BusinessNewsCT ELGi’s high pressure diesel power screw compressors reach new depths - https://t.co/yWRzOGZjDP https://t.co/lHRXmUfimQ
3hreplyretweetfavorite