Sasol Grabs 51% WI in 4 Papua New Guinea Licenses
Sasol Petroleum International (SPI) has obtained a 51% working interest in four hydrocarbon prospecting licenses covering a land area of 37,000 square kilometers, close to established gas fields in the "foreland" area of Papua New Guinea. Seismic surveying is scheduled to commence in October 2008.
The exploration work will be carried out by newly formed Sasol Petroleum Papua New Guinea in Blocks PPL285, PPL286, PPL287 and PPL 288. Partners include Papua Petroleum Limited, a Papua New Guinea based exploration company.
"This is an exciting opportunity to unlock potential natural gas resources in Papua New Guinea. We look forward to working with our new partners and the government of Papua New Guinea," said Sasol Group GM Lean Strauss.
During the past few years, SPI has successfully grown their business from securing and developing gas and liquid assets, primarily in Mozambique and West Africa, to an operational natural gas supplier to various Sasol businesses and external customers mainly in Southern Africa.
As part of Sasol's growth strategy, SPI is spreading its footprint beyond Africa to significantly increase its hydrocarbon resources by securing new gas reserves to enable the achievement of Sasol's gas-to-liquids (GTL) ambitions.
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