Market Chatter: Shell Could Take 60% Stake in PetroSA's Block 2C Offshore South Africa

MT Newswires Live12-08

Shell (SHEL) could take a 60% stake in PetroSA's Block 2C offshore South Africa under a deal with the South African oil company, Reuters reported Monday, citing a document.

Reuters said PetroSA had approved the farm-in deal that will give Shell Offshore a 60% stake after Shell committed a $25 million signing bonus and full cost carry of up to $150 million for three wells.

Shell and PetroSA did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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