South African national oil company (NOC) PetroSA has signed a pact with its counterpart in the Democratic Republic of Congo (DRC) to cooperate and jointly pursue oil and gas opportunities in that country.
PetroSA and Cohydro have set up a cooperation committee, consisting of members from both NOCs to facilitate the implementation of the agreement.
PetroSA CEO Nosizwe Nokwe-Macamo said in a statement on Tuesday the agreement represented a significant milestone. “PetroSA faces an exciting future and we are pursuing a number of growth initiatives. At the core of this is the establishment of strategic partnerships with NOCs located on the continent and internationally.”
In recent months, PetroSa has established relationships with Mozambique’s PetroMoc, China’s Sinopec and Korea’s NOC.
Its most recent deal also saw the company acquire minority interest in Ghana’s prolific Jubilee oil fields in September.
“The company is poised to grow into a leading integrated African energy company. This requires the nurturing of strategic partnerships that can assist PetroSA to achieve its aims across the value chain,” Nokwe-Macamo added.