Petro SA and Cairn India Group have signed a farm-in agreement for crude oil and natural gas exploration in the offshore Block 1 in the Orange Basin on the west coast of South Africa.
Block 1 covers a large area of 19,922 km2 and is currently in the initial stages of exploration. It has an existing gas discovery and identified oil and gas leads and prospects. Located in the geologically-proven Orange Basin along the north-western maritime border of South Africa with Namibia, the block is on trend with the discovered Kudu and Ibhubesi gas fields. Cairn India will hold a 60% interest in the block, through its wholly-owned South African subsidiary, and will be the Operator, with PetroSA
holding the remaining interest.
The Orange Basin is an emerging hydrocarbon province with potential for material oil and gas discoveries. Block 1 will be an anchor exploration asset in South Africa and will augment Cairn India’s existing portfolio.
Mr. Everton September, PetroSA Vice President for New Ventures, said: “We are delighted to join hands with one of Asia’s most successful exploration companies. Cairn India brings with it extensive geo-technical and operating capabilities that will combine very well with our experience and understanding of the region. We have a shared mindset, and together are extremely well placed to realize the full potential of Block 1.“
Adapted from press release by Peter Farrell.
Read the article online at: https://www.oilfieldtechnology.com/exploration/20082012/cairn-india-and-petro-sa-sign-farm-in-agreement/