- TotalEnergies and QatarEnergy are amplifying their efforts to explore oil and gas in the Orange Basin.
- TotalEnergies will hold a 33%, while QatarEnergy will hold a 24% stake
TotalEnergies and QatarEnergy are amplifying their efforts to explore oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters.
TotalEnergies and QatarEnergy have signed an agreement to buy participating interests in Block 3B/4B offshore South Africa from the companies Africa Oil South Africa, Azinam, and Ricocure,
TotalEnergies will hold a 33 per cent participating interest in Block 3B/4B and assume operatorship, while QatarEnergy will have a 24 per cent stake. Africa Oil, Ricocure, and Azinam, the existing license holders will hold the remaining interests after completing the transaction.
Block 3B/4B covers an area of more than 17,500 square kilometres (6,757 square miles) within the Orange Basin offshore the western coast of South Africa in water depths ranging between 300 and 2,000 meters (985 ft to 6,562 ft).
Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies, said, “Following 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.”
South Africa is one of TotalEnergies’ two targeted frontier exploration areas offshore Africa—the other one is offshore Namibia, which analysts say could potentially become the new Guyana for oil and gas exploration and discoveries.