South Africa: USTDA cash for Ibhubesi

Issue 261 - 14 Sep 2013 | 1 minute read
The US Trade and Development Agency has awarded a grant to Australia’s Sunbird Energy to support the development of the Ibhubesi offshore gas field. The grant will fund a study to be carried out by MHA Associates of Denver, Colorado. USTDA will provide 80% (about $743,000) of the funding for the Ibhubesi gas project field development plan. The work will include studies on reservoir modelling, production forecasts and the design of a production drilling programme. Sunbird agreed in December 2012 to acquire a 76% stake in the Ibhubesi gas project from US companies Forest Oil and Anschutz (AE 246/16). The other 24% is held by PetroSA.

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