Additional to the exchange of information, the two national oil companies will also explore investment opportunities in the oil and gas sector on the continent and in South Africa.

The two companies will also establish a working group to evaluate opportunities that may arise.

“At PetroSA, we understand that to meet our mandate we need to establish partnerships with credible and well-established firms. These, we are convinced, will benefit PetroSA and the country in the long term,” said PetroSA acting president and CEO, Nkosemntu Nika.

KNOC (a state-run South Korean oil company established in 1979) has to date carried out 210 projects in 25 countries.

“The MOU with PetroSA will give KNOC a golden opportunity to advance into African regions. I sincerely hope the cooperation between PetroSA and KNOC will bring about substantial business performance in the near future and also contribute to economic development of both countries,” its CEO Kang Young-Won said.