PetroSA and Eni sign Memorandum of Understanding for co-operation in South Africa and abroad
Cape Town, 6 June 2011 – PetroSA, South Africa’s national oil company, today signed a Memorandum of Understanding (MoU) with Eni, the international integrated energy firm, establishing mutual co-operation between the companies in the country and abroad.
The parties will evaluate the eventual acquisition by either party of participating interests in upstream projects for the development of both conventional and unconventional hydrocarbons. Moreover, the parties will evaluate the opportunity to participate jointly in projects in other African countries.
Nkosemntu Nika, PetroSA’s Acting CEO, welcomed the MoU with Eni. PetroSA has extensive exploration activities in South Africa. The company also has acreage in Namibia and Equatorial Guinea. PetroSA’s international exploration work has included participation in reserve quantification and certification activities in Boyaca 4 in Venezuela.
“This MoU represents PetroSA’s continued resolve to strive to be a leading African energy company. It also ensures we continue to focus on acquiring producing assets,” he said.
According to the MoU, Italian oil company Eni could also supply crude oil and refined products to the South African market, which is characterized by a fast-growing demand for such products. Eni and PetroSA will also evaluate the possibility of leasing the Saldanha storage facility strategically located for the Asian, American and European markets.
Finally, the parties will also study joint initiatives for LNG import and will evaluate the potential for long-term LNG supplies to be provided by Eni to PetroSA for both power generation and GTL in South Africa, together with the possibility for Eni to support the realization of possible new power plants.
Head: Corporate Affairs and Communications