PetroSA buys Sabre stake, joins Jubilee partners

South Africa’s PetroSA now has a stake in Ghana’s Jubilee oilfields after acquiring Sabre Oil and Gas for an amount yet to be made public.

The company also bought out Sabre’s interest in three assets – the producing Jubilee Field, the Deepwater Tano Block and the West Cape Three Points Block.

The deal has the consent of Ghana’s Energy Minister, Dr Joe Oteng-Adjei and South Africa’s Energy Minister Dipuo Peters, the company said in a statement September 20, 2012.

“This deal provides PetroSA with a unique opportunity to establish a presence in this highly-prospective region. We are very happy to be working with reputable partners such as Anadarko, Kosmos, Tullow and, of course, our counterparts, the Ghana National Petroleum Corporation,” CEO of PetroSA Ms Nokwe-Macamo said.

The Jubilee oil field, located 60 km offshore is the largest oil  field in Ghana, with total proven reserves of around 600-million barrels. Both the Deepwater Tano and the West Cape Three Points have existing oil and gas discoveries for which developments plans are in progress.

By Ekow Quandzie