PetroSA reports low returns from latest Mossel Bay gas wells

Offshore staff

CAPE TOWN, South AfricaPetroSA has run up a net operating loss of R14.6 billion ($1.1 billion) for 2014/2015, due in large part to a disappointing offshore gas drilling program.

The company planned five wells to develop the F-O field, 40 km (25 mi) southeast of the F-A production platform off the southern coast of South Africa. It aimed to deliver 242 bcf of fresh reserves to boost dwindling hydrocarbon reserves feedstock for its Mossel Bay Gas-to-Liquids refinery.

However, at year-end Project Ikhwezi had only delivered 25 bcf of commercial gas from three wells.

10/20/2015

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