Agencies
PARIS: French oil and gas group Total has agreed to sell a 25 percent stake in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum, in a deal which Total said would strengthen its ties with the Qatari group.
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 Limited (CNR) will hold 20%, and Main Street 1549 Proprietary Limited (Main Street) will have a 10% participating interest.Commenting on this occasion, Saad Sherida Al-Kaabi, the President & 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.”
The Block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.
"Total is delighted to broaden its long-standing relationship with Qatar Petroleum and combine efforts to explore this promising region offshore South Africa," said Arnaud Breuillac, president of Total's Exploration & Production division, in a statement.
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 Limited (CNR) will hold 20%, and Main Street 1549 Proprietary Limited (Main Street) will have a 10% participating interest.Commenting on this occasion, Saad Sherida Al-Kaabi, the President & 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.”
The Block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.
"Total is delighted to broaden its long-standing relationship with Qatar Petroleum and combine efforts to explore this promising region offshore South Africa," said Arnaud Breuillac, president of Total's Exploration & Production division, in a statement.
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