August 22, 2012
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PetroSA and Anadarko Sign Farm-in Deal

South Africa’s state-run firm PetroSA and US independent Anadarko Petroleum Corp. have officially singed the deal that has the US firm joining the hunt for hydrocarbons off the country’s coast. Anadarko revealed the deal late last year but the farm-in agreement was just recently signed.

Under the farm-in deal Anadarko will hold an 80% stake in Block 5/6 and Block 7, and will serve as operator. PetroSA will hold the remaining 20% stake.

At the signing ceremony executive VP at Anadarko, Ian Cooling, said the company was interested in South Africa because it was looking for frontier acreage and a country where there was potential to grow a business if the exploration work proved successful.

"We think that South Africa provides all of that," he said.

Earlier this month PetroSA signed a farm-in deal with Cairn India Group for Block 1.


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