State owned gas-to-liquid company PetroSA has signed a $400m oil and gas agreement with Russian exploration company Rosgeo, the Cabinet said in a statement on Thursday. The agreement was signed at the Brics Summit was held in Xiamen China from September 3-5 and would "yield an amount of $400 million being invested in the development of SA’s oil and gas sector," the statement said. National oil company PetroSA and the Russian Federation geological exploration company, Rosgeo, have agreed to develop the exploration areas of blocks 9 and 11a off the south coast of SA. "The search for oil and gas resources in SA is highly strategic for the country’s energy security. Russia’s Rosgeo will conduct geological exploration work as well as drilling exploratory wells. "The project could lead to 4-million cubic metres of gas being extracted daily and subsequently delivered to PetroSA’s gas-to-liquids refinery in Mossel Bay, on the south coast." Trade between SA and Russia have increased from R5b...

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