TotalEnergies, QatarEnergy team up for new South Africa exploration block

TotalEnergies and QatarEnergy 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, both companies announced on Wednesday, Anadolu Agency reports.

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

Located in the Orange basin, 200 kilometres (12.4 miles) off the western coast of South Africa, Block 3B/4B covers an area of 17,581 sq km (6,788 sq mi), Block 3B/4B is adjacent to the Deep Water Orange Basin (DWOB) license operated by TotalEnergies (50 per cent) alongside QatarEnergy (30 per cent) and Sezigyn (20 per cent).

Commenting on the deal, Saad Sherida Al Kaabi, the Qatari Energy Minister and CEO of state-owned 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,” he added.

For his part, Kevin McLachlan, TotalEnergies’ senior Vice-President for exploration, 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.”

An independent assessment estimates that Block 3B/4B holds a potential 4 billion barrels of oil equivalent in undiscovered resources.

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