QatarEnergy, the State-owned petroleum company, and TotalEnergies, a French multinational integrated energy and petroleum company, have signed a farm-in agreement with Africa Oil Corporation, Ricocure, and Eco Atlantic Oil & Gas to acquire participating interests in Block 3B/4B, offshore South Africa.
Following completion of the transaction, QatarEnergy will hold a 24 percent participating interest in Block 3B/4B, TotalEnergies will hold 33 percent and will be the operator, while the remaining participating interests will be held by existing license holders, Africa Oil Corporation (17 percent), Ricocure (19.75 percent) and Eco Atlantic Oil & Gas (6.25 percent).
Saad Sherida Al Kaabi President & CEO QatarEnergy
“The farm-in to Block 3B/4B builds on our presence in the prolific Orange Basin. We are pleased to enter this block together with our strategic partner TotalEnergies, and we look forward to working together with our partners and the relevant government entities in South Africa to further assess this block’s potential.”
Block 3B/4B covers an area of more than 17,500 square kilometers within the Orange Basin offshore the western coast of South Africa in water depths ranging between 300 and 2,000 meters.
In October 2023, QatarEnergy and TotalEnergies signed two long-term LNG sale and purchase agreements (SPAs) for the supply of up to 3.5 million tons per annum (MTPA) of LNG from Qatar to France.
Last year, Shell, TotalEnergies, QatarEnergy, and Petronas inked production sharing contracts (PSCs) with Staatsolie for blocks offshore Suriname, enlarging their presence in the country’s offshore oil and gas industry.
