PetroSA, the South African state hydrocarbon company, expects first oil from its joint venture mature oil fields projects with Venezuela’s PDVSA within 24 months of concluding a technical study.
PetroSA ‘s CEO Sipho Mkhize says the company was investing $10million to have the study finished within six months, and “we could be producing from that field within 18-24 months after the completion of the technical study,” Mkhize told journalists.
In September 2008, PetroSA signed an agreement for participation in exploration and production activities in the Orinoco Oil Belt, in Venezuela, where the company would conduct a study to quantify and certify reserves in the Boyaca 4 Block.
