PetroSA, the South African state hydrocarbon company has signed a pact with its counterpart in the Democratic Republic of Congo (DRC) to cooperate and jointly pursue oil and gas opportunities in that country.
PetroSA and Cohydro have set up a cooperation committee, consisting of members from both NOCs to facilitate the implementation of the agreement.
PetroSA CEO Nosizwe Nokwe-Macamo said the agreement represented a significant milestone. “PetroSA faces an exciting future and we are pursuing a number of growth initiatives. At the core of this is the establishment of strategic partnerships with NOCs located on the continent and internationally.”
The pact with CoHydro is the latest in the string of relationships the South African had established with state hydrocarbon companies since January 2012. There have been agreements with Mozambique’s PetroMoc, China’s Sinopec and Korea’s NOC.
In September 2012, PetroSA acquired a 4% stake in the Deepwater Tano Block and the West Cape Three Points Blocks, which contain the prolific Jubilee oil field offshore Ghana.