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Shell Plans South Africa Oil Expansion with 2nd Deal

Source: www.gulfoilandgas.com 5/29/2019, Location: Africa

Shell Plc is planning to acquire an oil-block stake in a second deal in South Africa’s relatively unexplored waters, months after a major discovery by Total SA boosted the country’s hydrocarbon prospects.

Shell has applied to take a stake in a license owned by OK Energy, located in deep waters off South Africa’s west coast, according to Petroleum Agency South Africa. “We have indeed received an application which is awaiting ministerial approval,” the regulator said in a reply to questions about the block.

The Anglo-Dutch major exited its Orange Basin permit two years ago, citing an enduring low-price environment. It also complained at the time of uncertainty over resource laws in South Africa. The country recently pledged to draft separate legislation for oil and gas.

The deal for OK Energy’s license go through, it would add to the company’s acquisition of a 40% interest in deep-water blocks 5, 6 and 7 in the Atlantic off Cape Town from Anadarko Petroleum Corp.

For more information about related Opportunities and Key Players visit Sub-Saharan Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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