CAPE TOWN, 29 October 2015 – PetroSA, the National Oil Company (NOC) of
South Africa, has over the last couple of days been inundated with requests for
media interviews concerning reports that the NOC is readying to sell-off equity
in several of its exploration blocks. It has therefore become necessary to
contextualize our partnership endeavors, as a means to explaining what we seek
PetroSA is experiencing a
highly constrained financial position due to the sharp fall in crude prices and
the lack of feedstock for the Mossel Bay Gas-To-Liquid (GTL) Refinery. As a
result, the Company is looking at a number of initiatives to streamline its
operations, improve efficiencies and sustain the business.
To that extent,
PetroSA is constantly exploring various partnership options to unlock value for
its assets across the value chain. This becomes ever more important in the
current depressed economic environment wherein oil and gas companies globally
are facing tough operating conditions.
“Partnership options for PetroSA do not equate to a
sell-off of state assets, but are rather a cost-effective means of diversifying
risks with identified partners and driving revenue and value creation for the NOC
- most importantly, our partnership strategy seeks to sustain the GTL Refinery
and the Company in general,” Mapula Modipa, the PetroSA Acting Group CEO said.
She confirmed further that
PetroSA will leverage these partnerships to ensure security of liquid fuels for
the country, and ensure they contribute to economic development, job creation
and transformation. PetroSA, as an organ of the State, remains committed to
protecting and advancing South Africa’s interests in the oil and gas sector.
For enquiries please contact:
Group Communications Manager