Total SA reported signing an agreement to sell 25% interest in the exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum (QP). The transaction remains subject to regulatory approval.
The transaction, said Arnaud Breuillac, Total president, exploration and production, “enhances the partnership on Block 11B/12B in preparation for the high-potential exploration well scheduled to be drilled on the block at the end of 2018.”
Block 11B/12B covers 19,000 sq km in 200-1,800 m of water in the Outeniqua basin about 175 km offshore southern South Africa.
The new partnership structure will be as follows: Total, operator, 45%;, Qatar Petroleum, 25%; CNR international, 20%; and Main Street, 10%.
In Qatar, Total also holds 20% interest in the upstream part of Qatargas 1 as well as stakes in Qatargas 1 (10%), Dolphin Energy (24.5%) and Qatargas 2 Train 5 (16.7%). In 2016, Total entered the Al-Shaheen concession with a 30% interest. Total also is partner with QP in the Laffan Refinery 1 (10%), Laffan Refinery 2 (10%), and the Qapco (20%) and Qatofin (48.6%) petrochemical plants.
In addition to the activities in Qatar, this strategic partnership extends our cooperation in Africa, where QP holds 15% stake in Total E&P Congo.