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PASA, or the South African Agency for
Promotion of Petroleum Exploration and Exploitation,
has been successful in encouraging international exploration
companies to evaluate the country's oil and gas opportunities.
The FA-EM gas-field complex off Mossel Bay started production
in the third quarter of 2000. Initial reserves have indicated
that it will provide sufficient feedstock to the Mossel Bay
Refinery til 2009.
The GTL production level at the refinery
is currently 31 150 barrels of petroleum products per day. Parallel
exploration is being carried out in various other sections of
the Bredasdorp Basin off the coast of Mossel Bay to locate reserves
for PetroSA beyond 2009.
The field, which came into operation
in August 2003, was initially projected to produce 30 000 to
40 000 barrels (bbls) of crude oil a day and 20-million to 25-million
bbls over the next three years. The net savings in foreign exchange
to South Africa would be equivalent to PetroSA's bottom-line
profit, depending on the crude oil price.
PetroSA holds 60 percent
working interest in Sable, while Dallas-based partner company
Pioneer Natural Resources holds the remaining 40 percent.
See the PASA
for more information. |
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