PetroSA
TypePublic
IndustryOil and gas industry
Founded1965
Headquarters
Cape Town, Western Cape
,
South Africa
Key people
Nkululeko Poya (Chairman)
Sandisiwe Ncemane (Group CEO)
ProductsPetroleum
Natural gas
Petroleum products
RevenueIncreaseR 13.7 billion (2020)
DecreaseR 334 million (2020)
DecreaseR (5.579 billion) (2020)
Total assetsDecreaseR 14.394 billion (2020)
Total equityDecreaseR (4 464) billion (2020)
OwnerGovernment of South Africa
Number of employees
1486 (2020)
ParentCentral Energy Fund (SOC ) Ltd
Subsidiaries
  • PetroSA Ghana Limited (PGL)
  • PetroSA Europe B.V.
Websitewww.petrosa.co.za

PetroSA (The Petroleum, Oil and Gas Corporation of South Africa (SOC) Ltd.) is the national oil and gas company (NOC) of South Africa. Its main activities are the extraction of natural gas from offshore fields about 89 km from Mossel Bay, the production of synthetic fuels from this gas through a gas to liquids (GTL) process, and the extraction of crude oil from oil fields off the South Coast of South Africa.[1] The GTL Refinery is located in Mossel Bay. Its capacity is about 45 000 bpd and processes both the gas and condensate to produce liquid fuels and chemicals. The company is also involved in the exploration for and development of new sources of oil and gas.

History

PetroSA was formed in January 2002 from the merger of three previous entities: Mossgas (Pty) Limited, Soekor (Pty) Limited, and parts of the Strategic Fuel Fund Association. Soekor was divided into parts to provide staff for PetroSA and also for the Petroleum Agency of South Africa, otherwise known as PASA. Here are some of the key milestones leading up to this historic merger:

  • 1965 - Following the establishment of Soekor, the first land search for oil commences in Beaufort West, Western Cape. Small accumulations of oil are found, but they are non-commercial.
  • 1969 - First offshore well drilled by Superior Group. Natural gas deposits are also discovered in the continental shelf complex off the Southern Cape coast.
  • 1970 - Soekor commences offshore drilling in a joint venture with Rand Mines and US Natural Resources.
  • 1973 - Soekor drills its own first offshore well.
  • 1978 - Soekor terminates its land search for oil.
  • 2002 - President Thabo Mbeki launches PetroSA, the Petroleum Oil and Gas Corporation of the Republic of South Africa.

[2]

Recent events

  • 2017 - PetroSA signed $400m deal with Russian exploration company Rosgeo.[3]
  • 2018 – Energy Minister of South Africa Jeff Radebe rejected PetroSA's proposal to purchase 23 million barrels of oil from Kase Lawal for $1.52 billion over a 5-year period, deeming the deal too risky.[4]

Soekor

Soekor Pty Ltd. (from Suidelike Olie Eksplorasie Korporasie; 'Southern Oil Exploration Corporation') was South Africa's national oil company until 2002, when it was merged with Mossgas Pty Ltd to form PetroSA.[5] Soekor was the operator and developer of the first oilfield development in South Africa, the Oribi field discovered in 1990.[6] Soekor owned 80% of the field's exploration licensing.

Petroleum Agency of South Africa

Petroleum Agency of South Africa (PASA) is the state-regulator in the field of on-shore and off-shore oil and gas exploration.[7] In June 2018 PASA imposed temporary licensing restrictions in order to reform the country's oil and gas exploration licensing system.[8]

Restructuring

In 2020, Cabinet approved for PetroSA to be merged with the Strategic Fuel Fund (SFF) and the South African Gas Development Company SOC Limited (iGas) to form a new national petroleum company.[9]: 151 

Controversy

The company was implicated in a corruption scandal, dubbed "Oilgate" by the media, when it was reported that it had transferred R11 million to the ruling African National Congress in the run-up to the 2004 elections.[10][11]

Finances

For the year 2020, a loss of R5.6 billion was recognised, with total liabilities exceeding total assets by R4.5 billion.[9]: 151 

Leadership

PetroSA leadership
Chairman Chief executive officer
Term Name Term Name
2002-2010 Popo Molefe 2002-2003 Mpumelelo Tshume
2011-2012 Benny Mokaba 2004-2010 Sipho Mkhize
2013-2014 Szwe Mncwango 2011 Yekani Tenza
2015 Gillian Nonhlanhe Jiyane 01 Mar 2012-2015 Nosizwe Nokwe-Macamo
2016 Bhekabantu Wilfred Ngubane 2016 Mapula Modipa
2017-2018 Nhlanhla Gumede 2017-2018 Kholly Zono
2019–Present Frans Baleni 2018-2019 Bongani Sayidini
2020–2022 Pragasen Naidoo
2021 - Present Nkululeko Poya 2022 - Present Sandisiwe Ncemane

References

  1. ↑ "PetroSA". CEF. Retrieved 25 December 2011.
  2. ↑ "PetroSA – Historic Milestones". Archived from the original on 24 June 2012. Retrieved 10 September 2012.
  3. ↑ "PetroSA signs $400m deal with Russian exploration company". www.enca.com. Retrieved 12 March 2018.
  4. ↑ Skiti, Sabelo. "Minister halts R22bn PetroSA deal". The M&G Online. Retrieved 21 October 2018.
  5. ↑ "Historic Milestones". www.petrosa.co.za. Retrieved 21 October 2018.
  6. ↑ "Soekor Nears Completion of S. Africa's First Oil Field Development". www.ogj.com. Retrieved 21 October 2018.
  7. ↑ "HomePage". www.petroleumagencysa.com. Retrieved 31 October 2018.
  8. ↑ "South Africa imposes licensing restrictions". www.petroleum-economist.com. Archived from the original on 16 November 2019. Retrieved 31 October 2018.
  9. 1 2 "PetroSA - Annual Report 2020" (PDF). Archived from the original (PDF) on 13 December 2023.
  10. ↑ "South Africa to investigate 'Oilgate' scandal". gulfnews.com. Retrieved 26 February 2022.
  11. ↑ "PetroSA still hurting after Oilgate taint". www.iol.co.za. Retrieved 26 February 2022.
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