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Pioneer sells its South African interests

Pioneer Natural Resources Co., Dallas, has closed the sale of its South Africa interests to state-owned Petroleum Oil & Gas Corp. of South Africa (PetroSA) for net consideration of $52 million.

The company held interests in Sable field and the South Coast Gas Project, both offshore. It reported South African yearend 2011 reserves of 231,000 bbl of oil and 12.67 bcf of natural gas.

Sable field produced oil until 2008 but has produced only gas since then.

Pioneer reported South African production for all of 2011 of 1.445 million boe.

The company’s international operations ended with the sale. It sold interests in Tunisia in February 2011.


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