Petroleum Africa
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Thursday, May 10, 2018
Total revealed that it will execute deepwater development projects in South Africa by the end of this year or early 2019. The company holds 19,000 sq km of acreage off the coast of the country. It had suspended work on its upstream projects in 2014 while expanding its distribution network of petroleum products.
The company holds operatorship of Block 11B/12B in the Outeniqua Basin, around 175 km off the southern coast of South Africa in water depths ranging from 200 to 1,800 meters.
Earlier this year Total entered into a deal to sell a 25% stake to Qatar Petroleum. 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%).
The company still plans to work on the expansion of its downstream assets in South Africa even while working on its upstream projects. Pierre-Yves Sachet, Managing Director and CEO of Total South Africa, said that in retail, the company wants, in the short term, to increase the size of its network.
Total, which is expected to open 20 new outlets this year, is considering partnerships to increase this number.
According to the Financial Tribune, Total is also interested in the supply of LNG and solar projects in the country.
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