SA’s PetroSA Investigated over $1.02b Loss in Gas Project

SA’s PetroSA Investigated over $1.02b Loss in Gas Project

The South African parliament held a closed meeting to discuss a forensic report on the $1.02b impairment suffered by the state-run PetroSA due to offshore drilling operations in the Ikhwezi project that did not yield the expected gas, informed ENCA.

The project was intended to bolster the supply of gas to PetroSA’s gas-to-fuel refinery at Mossel Bay but generated only about 10% of the envisaged volumes, according to Times Live.

The Ikhwezi project started in 2010 on the southern and western coast of South Africa and in Ghana but encountered several delays due to technical difficulties and the complexity of the extraction methodology.

It was reported that journalists and members of the public were barred from attending the meeting of parliament’s portfolio committee on energy.
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