Cairn India Ltd. (CAIR), operator of the biggest Indian onshore oilfield, and South African state-run oil company PetroSA agreed to jointly explore for crude and gas in Block 1 of the Orange Basin on the maritime border with Namibia.
The agreement on the 19,922 square-kilometer (4.9 million acre) block on South Africa’s west coast is subject to approval from local regulators, the companies said today in a statement.
Cairn will hold 60 percent of the venture and PetroSA the balance. P. Elango, director of strategy at Cairn India, said in the statement the deal was “an important first step” for the company’s expansion outside of the Indian subcontinent.
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