South Africa’s Sasol pivots west

(Financial Times) --
By Nizar Manek, 12 April 2013
South Africa’s Sasol, the world’s biggest producer of motor fuels from coal, is pulling out of its five year natural gas exploration project in Papua New Guinea. The southeast Asian country’s potential reserves have attracted other big oil companies but Sasol’s experience has been more like trying to get blood from a stone than tapping gas from a brimming reserve.
Sasol is looking to sell its last remaining license in the country, apparently rattled after its Awapa-1 exploration well drilled in mid-2011 came up empty. A sale would mark the end of the company’s exploration projects in southeast Asia.
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