Mubasher: Total on Monday announced that it has inked an agreement to sell a 25% stake in the exploration block 11B/12B, offshore South Africa, to Qatar Petroleum.
This transaction enhances the partnership between the two companies, the French oil and gas group said in a statement, giving no further details on its value.
Covering an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters, the block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, the statement added.
Drilling operations at the block are scheduled to be finalized by the end of 2018, Total said.
“This is an important milestone in our strategy to expand our international upstream footprint. We hope that the exploration efforts are successful, and we look forward to collaborating with Total, CNR, Main Street, and the South African authorities on this project,” Saad Sherida Al-Kaabi, the president & CEO of Qatar Petroleum, said.
Qatar Petroleum received all regulatory approvals concerning its partnership with Total.
Under the agreement, Total will be the operator of the block with a 45% stake, while Qatar Petroleum, CNR international and Main Street will hold 25%, 20% and 10%, respectively.
