Media Statement: Divestment of interests in the Jubilee and TEN fields, offshore Ghana
CAPE TOWN: The Petroleum Oil and Gas Corporation of South
Africa (PetroSA SOC Ltd), the Holding Company of PetroSA Ghana Limited (“PGL”),
a 100% owned subsidiary exercised its pre-emptive rights on the Occidental
Petroleum divestment of its interests in the Jubilee and TEN fields, offshore
Ghana. PGL holds
exploration and production assets in offshore Ghana. The transaction is still subject to
approval by the regulatory authorities.
This divestment represents an opportunity for PetroSA to
progress its equity participation in line with its investment strategy on
producing fields in Africa. This transaction is envisaged to strengthen and
leverage PGL to grow its reserves and production by pursuing opportunities to
increase its interests in its current assets and expand its asset portfolio in
Ghana and elsewhere in West Africa.