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Article: Sable boosts South African production.(Special report: African oil and gas)
- Article from:
- African Business
- Article date:
- November 1, 2003
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Oil production of 35,000 b/d has finally begun on South Africa's Sable field, lying 95km off the southern coast. The consortium operating the field comprises state owned company Petroleum Oil and Gas Corporation of South Africa (Petro SA) with a 60% stake and US independent Pioneer Natural Resources, which holds the remaining equity.
However, a 9% stake is expected to be sold to a black empowerment enterprise (BEE) by the end of the year, in order to fulfil the government's commitment to positive discrimination.
A statement from the South African Ministry of Energy reads: "The Sable oil field is expected to produce 20-25m barrels of oil in the next ...