PetroSA Sells Anadarko Stake in S. Africa Concessions

(Corrects size of concessions in second paragraph. The story was originally published on Dec. 23.)

PetroSA, South Africa’s state-owned oil company, sold a stake in blocks 5, 6 and 7 off South Africa’s west coast to Anadarko Petroleum Corp. (APC), marking the U.S. producer’s entry into the country.

The concessions in the Orange Basin cover 94,000 square kilometers (23.2 million acres), PetroSA said in an e-mailed statement today. Anadarko didn’t disclose the price of the purchase, John Christiansen, a spokesman for The Woodlands, Texas-based company, said in a telephone interview today.

Anadarko said last month that fields off Mozambique in east Africa may have 15 trillion to 30 trillion cubic feet of recoverable gas, compared with an earlier estimate of at least 10 trillion cubic feet. The company also has acreage off the coast of Kenya, as well as projects off west Africa.

The South African transaction is consistent with Anadarko’s overall exploration strategy, Christiansen said. The company may start to acquire seismic data for evaluation in 2013, he said.

“With the success that we’ve had in Mozambique and the acreage that we have offshore Kenya, this fits nicely with that whole east African program,” Christiansen said.

Anadarko rose 0.7 percent to $76.67 at the close in New York.

To contact the reporters on this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net; Edward Klump in Houston at eklump@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net; Tina Davis at tinadavis@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.