South Africa’s PetroSA is selling its stake in the concession area in the Gulf of Suez, as the company decided to withdraw its investments from Egypt, top official told Egypt Oil & Gas.

Last October, PetroSA Chairman Linda Makatini said that the company is seeking a joint venture with an Egyptian company, as it wants to continue working in the country although its own oil exploration efforts in Egypt have not been successful.

Makatini highlighted in an interview with Reuters, “As is the business of oil, it did not yield much results for us but it did not stop our appetite for wanting to work in Egypt”.

PetroSA’s exploration efforts in Egypt failed to yield results after the firm spent some $100 million, she added.