Offshore Exploration PetroSA and Cairn India Sign Offshore Exploration Agreement
PetroSA and Cairn India have signed a farm-in agreement for exploring for crude oil and natural gas in the offshore Block 1 in the Orange Basin on the west coast of South Africa.
New Delhi/India – Block 1 covers a large area of 19,922km2 and is currently in the initial stages of exploration. It has an existing gas discovery and identified oil and gas leads and prospects. Located in the geologically proven Orange Basin along the northwestern maritime border of South Africa with Namibia, the block is on trend with the discovered Kudu and Ibhubesi gas fields. Cairn India will, through a wholly owned South African subsidiary, hold a 60% interest in the block and will be the Operator, with PetroSA holding the remaining interest.
This is a step forward in achieving Cairn India’s strategic goal of growing its resource base by acquiring exploration and appraisal assets outside the Indian sub-continent. The Orange Basin is an emerging hydrocarbon province with potential for material oil and gas discoveries. Block 1 will be an anchor exploration asset in South Africa and will augment Cairn India’s existing portfolio.