QatarEnergy enters new exploration block offshore South Africa

Moscow, March 6 - Neftegaz.RU. QatarEnergy and TotalEnergies have signed a farm-in agreement with Africa Oil Corporation, Ricocure, and Eco Atlantic Oil & Gas to acquire participating interests in Block 3B/4B, offshore South Africa.

Following completion of the transaction, QatarEnergy will hold a 24% participating interest in Block 3B/4B, TotalEnergies will hold 33% and will be the operator, while the remaining participating interests will be held by existing license holders, Africa Oil Corporation (17%), Ricocure (19.75%) and Eco Atlantic Oil & Gas (6.25%).

Commenting on the transaction, S. Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said:

• the farm-in to Block 3B/4B builds on our presence in the prolific Orange Basin;
• we are pleased to enter this block together with our strategic partner TotalEnergies, and we look forward to working together with our partners and the relevant government entities in South Africa to further assess this block’s potential.

K. McLachlan, Senior Vice-President Exploration of TotalEnergies said:

• following the Venus success in Namibia, TotalEnergies is continuing to progress its Exploration effort in the Orange Basin, by entering this promising exploration license in South Africa.

Block 3B/4B covers an area of more than 17,500 square kilometers within the Orange Basin offshore the western coast of South Africa in water depths ranging between 300 and 2,000 meters.