TotalEnergies (TTEF.PA), opens new tab and Qatar’s oil company on Wednesday said they would buy a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin area in neighbouring Namibia.
The French company will buy a 33% stake in the licence to drill in offshore block 3B/4B, which extends over about 18,000 square kilometres, while state-owned QatarEnergy will hold a 24% stake, the two companies said without disclosing the value of the deal.
The French company will buy a 33% stake in the licence to drill in offshore block 3B/4B, which extends over about 18,000 square kilometres, while state-owned QatarEnergy will hold a 24% stake, the two companies said without disclosing the value of the deal.
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The project’s current owners, Africa Oil (AOI.TO), opens new tab, Azinam, owned by Eco Atlantic (EOG.V), a company listed in Canada, and Ricocure will hold the remaining portion.
Long-standing partnerships between TotalEnergies and QatarEnergy provide for new opportunities to collaborate on production and exploration in Namibia, Guyana, and Kenya.
Block 3B/4B is situated in the Orange Basin of South Africa, immediately south of significant finds made by TotalEnergies’ own Venus finding in neighboring Namibia, Shell’s (SHEL.L), and Galp (GALP.LS).
Long-standing partnerships between TotalEnergies and QatarEnergy provide for new opportunities to collaborate on production and exploration in Namibia, Guyana, and Kenya.
Block 3B/4B is situated in the Orange Basin of South Africa, immediately south of significant finds made by TotalEnergies’ own Venus finding in neighboring Namibia, Shell’s (SHEL.L), and Galp (GALP.LS).
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“TotalEnergies is continuing to progress its Exploration effort in the Orange Basin following the Venus success in Namibia,” stated Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies.
Despite not producing any oil or gas, Namibia has recently been a global hotspot for exploration due to deepwater discoveries made by Shell, TotalEnergies, and Galp.
Gil Holzman, CEO of Eco Atlantic, told Reuters: “TotalEnergies are the best partner one could have, they know the Orange Basin better than anyone else, they have a drilling rig in the area, and they are a great operator with a strong balance sheet.”
Despite not producing any oil or gas, Namibia has recently been a global hotspot for exploration due to deepwater discoveries made by Shell, TotalEnergies, and Galp.
Gil Holzman, CEO of Eco Atlantic, told Reuters: “TotalEnergies are the best partner one could have, they know the Orange Basin better than anyone else, they have a drilling rig in the area, and they are a great operator with a strong balance sheet.”
Numerous legacy wells have been drilled in shallow shelf waters around South Africa’s coastline, but the Orange Basin remains mainly unexplored.
According to Jonathan Salomo, the Petroleum Agency of South Africa’s lead geologist for the West coast, “South Africa’s side of the Orange Basin resembles those of Namibia, it is highly prospective with at least two prospects in the northern region of the basin potentially containing millions of barrels of oil and associated gas.”
According to Jonathan Salomo, the Petroleum Agency of South Africa’s lead geologist for the West coast, “South Africa’s side of the Orange Basin resembles those of Namibia, it is highly prospective with at least two prospects in the northern region of the basin potentially containing millions of barrels of oil and associated gas.”
