Sasol CEO David Constable announces the company’s audited financial results for the year ending June 30 2013 on Monday. Picture: ARNOLD PRONTO.
Johannesburg – South Africa’s Petrochemicals giant, Sasol has yet to make a decision on whether to proceed with investments in developing two commercial oil and gas fields in Mozambique.
Group CEO David Constable said on Monday a decision would come in the next 18 months.
In November last year, the company notified that country’s government that it had found commercially viable oil and gas fields that it is now considering for future development.
An affirmative decision to extract more oil and gas from Mozambique would seal Southern Africa as the company’s top priority, with it having announced a reduction of its shareholding in an Uzbekistan gas-to-liquids facility and its recent divestment from Iran’s Arya Sasol Polymer Company.
In the year to June, the company spent 59% of its capital expenditure in South Africa. Sasol produced about 200,000 barrels of light crude oil from the Pande Temane fields in Mozambique in the year ended June.
