South African oil company Petro SA recently announced plans to invest a total of US$300 million in oil and natural gas exploration in Egypt.
“We've already begun exploration in Egypt's Western Desert,” said Petro SA Assistant Director in Egypt Mohamed Dakroury. “And we're currently bidding for additional exploration rights in the Gulf of Suez.”
Dakroury also said that Petro SA–which boasts concession rights in Cuba and Venezuela–was considering a merger with Egyptian oil companies that already have exploration concessions in the area.
Petro SA President Linda Makatini, for her part, confirmed the company’s commitment to investing in Egypt. She noted, however, that the company had already spent over US$120 million in Egypt without yet having made any discoveries.
Makatini went on to say the company was currently holding negotiations with the state-run Egyptian Natural Gas Holding Company over a proposed joint project to supply South Africa with Egyptian natural gas.
Translated from the Arabic Edition.
