MINISTRY OF ENERGY
REPUBLIC OF SOUTH AFRICA
NATIONAL ASSEMBLY QUESTION: 378
378. Mr J F Smalle (DA) to ask the Minister of Energy:
(1) What (a) are the upstream investments PetroSA has made for (i)
2012, (ii) 2013 and (iii) 2014 and (b) is the financial
commitment for each;
(2) for each investment what (a) natural resource, (b) quantity and
(c) period has PetroSA secured? NW525E
Response:
1) (a)
i) In 2012 PetroSA made an investment in the prolific jubilee oil field
in Ghana, acquiring a share in a producing oil field for an amount
negotiated with the willing seller.
ii) In 2013 PetroSA is involved in the development of Project Ikhwezi, a
gas Project off-shore South Africa
iii) In 2014 PetroSA will continue drilling in the F-O field, as part of
Project Ikhwezi.
(b) The expenditure forecast for the next three years is R7,8
billion; to date PetroSA has spent R2,4 billion on the project.
(2) (a) Oil field and Gas project
(b) Oil field is estimated to hold reserves of between 330 to 700
MMbbls, with the mid-case reserves being 585 MMbbls and the gas
project is intended to supplement PetroSAâs gas needs for the
refinery, with the reserves estimated at 250 Billion Cubic Feet of
gas.
(c) It is estimated that, at current production rates, the oil
reserves should last for the next 15 years and the project is
likely to provide additional feedstock to the refinery for at least
six years.