TotalEnergies and QatarEnergy are ramping up their exploration activities in the Orange Basin offshore Namibia by acquiring a neighboring license in South African waters, the French oil giant said on Wednesday.
The two energy giants have inked a deal to purchase participating interests in Block 3B/4B offshore South Africa from Africa Oil South Africa, Azinam, and Ricocure.
Following the completion of the transaction, TotalEnergies will hold a 33% participating interest in Block 3B/4B and will take over operatorship, while QatarEnergy will possess a 24% stake. The remaining interests will be retained by the existing license holders.
“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”, said Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies.
QatarEnergy’s president and chief executive, Saad Sherida Al-Kaabi, highlighted the strategic significance of the move, emphasizing the company’s presence in the prolific Orange Basin and its anticipation of collaborating with partners and relevant government entities in South Africa to assess the block’s potential.
Covering an area exceeding 17,500 square kilometers within the Orange Basin offshore the western coast of South Africa, Block 3B/4B is situated in water depths ranging between 300 and 2,000 meters.
South Africa emerges as a focal point for TotalEnergies’ frontier exploration strategy in Africa, alongside offshore Namibia.
Analysts speculate that Namibia could evolve into a significant hub for oil and gas exploration akin to Guyana.
Notably, both TotalEnergies and Shell have already made substantial discoveries offshore Namibia, underlining the region’s potential for hydrocarbon resources.
