Petroleum Africa
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Wednesday, February 7, 2018
Total is selling a 25% interest in its block offshore South Africa. The company entered into an agreement to sell the stake in Block 11B/12B to Qatar Petroleum.
“This transaction enhances the partnership on Block 11B/12B in preparation for the high potential exploration well scheduled to be drilled on the block at the end of 2018. Total is delighted to broaden its long-standing relationship with Qatar Petroleum and combine efforts to explore this promising region offshore South Africa,” commented Arnaud Breuillac, President, Exploration & Production at Total.
Commenting on the agreement, Saad Sherida Al-Kaabi, the president and CEO of Qatar Petroleum said, “We are pleased to join our long-time partner Total in exploration activities in this frontier block offshore South Africa. This is an important milestone in our strategy to expand our international upstream footprint. We hope that the exploration efforts are successful, and we look forward to collaborating with Total, CNR, Main Street, and the South African authorities on this project.”
The Block 11B/12B is in the Outeniqua Basin, around 175 km off the southern coast of South Africa and covers an area of 19,000 sq km with water depths ranging from 200 to 1,800 meters. Upon receiving all regulatory approvals, the new partnership structure will be as follows: Total (operator, 45%), Qatar Petroleum (25%), CNR international (20%) and Main Street (10%).
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