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Sasol watching further Mozambique opportunities

BY DEVON MAYLIE

JOHANNESBURG -- The CEO of Sasol said that the world' s largest producer of motor fuels from coal is closely watching offshore gas development in Mozambique. We are very bullish on Mozambique right now, said Sasol CEO David Constable.

Sasol is already involved is gas exploration and production in the south of the country, and Mr. Constable said it' s in discussions with other parties over how to "help monetize gas finds" in the northern offshore fields.

Ultimately, I think we will participate in some form and fashion particularly on the downstream side, he said, noting it' s too early to say how the participation will work. Mr. Constable said the company is watching closely the economics of the offshore gas finds, which are in deep water and expensive to work at the moment.

Large gas finds led by Anadarko Petroleum and Eni in recent years have attracted large amounts of interest from other players. Just last month, Anadarko said it agreed to sell a stake in one of the Mozambique offshore natural gas fields to Oil and Natural Gas Corporation for $2.64 billion.

Sasol, based in Johannesburg, has pointed to southern Africa as an important region for new energy finds. In addition to keeping an eye on Mozambique, the company would like to explore for shale gas in South Africa' s Karoo region.

The government is still writing a report. So we' re still waiting for the green light, Mr. Constable said.

Sasol is also developing a two phase gas to liquids plant in Louisiana. The company is in the process of applying for environmental permits, which it expects to receive by January and April of 2014.

Dow Jones Newswires

09/10/2013

 

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