Qatar Petroleum reported on February 5, 2018, that the company entered into an agreement with French Total to acquire a 25% participating interest in the Exploration Block 11B/12B, offshore South Africa.
Once the agreement receives regulatory approvals by the South African Government, Qatar Petroleum will have a 25% participating interest in the block, while Total (the Operator) will have 45%, Canadian Natural Resources (CNR) will hold 20%, and Main Street 1549 Proprietary will have a 10% participating interest.
Commenting on this occasion, Saad Sherida Al-Kaabi, CEO of Qatar Petroleum said: «We are pleased to sign this agreement with our long-time partner Total, and to participate in exploration activities in this frontier block offshore South Africa. We are hopeful that the exploration efforts, including the drilling of an exploration well later this year, will be successful, and we look forward to collaborating with our partners Total, CNR, Main Street in this project».
Block 11B/12B is located in what is considered to be a frontier area in the Outeniqua Basin, approximately 175 kilometers off the southern coast of South Africa. It covers an area of approximately 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.