Mar 08 | 2024
TotalEnergies, in partnership with QatarEnergy, has signed a deal to acquire stakes in the offshore Block 3B/4B from a consortium of Africa Oil Corp., Azinam, and Ricocure, in a boost to its exploration portfolio.
TotalEnergies, in partnership with QatarEnergy, has signed a deal to acquire stakes in the offshore Block 3B/4B from a consortium of Africa Oil Corp., Azinam, and Ricocure, in a boost to its exploration portfolio.
Upon completion, TotalEnergies will command a 33% interest and take over as operator, while QatarEnergy will secure a 24% interest. The deal leaves the remaining shares distributed among Africa Oil SA with 17%, Ricocure holding 19.75%, and Azinam, a subsidiary Eco (Atlantic) Oil & Gas Ltd., at 6.25%. The transaction’s closure hinges on the green light from relevant authorities.
The deal follows a recurrent strategy by TotalEnergies and QatarEnergy to jointly farm into promising deep-water exploration blocks globally – particularly offshore Africa.
Nestled in the resource-rich Orange basin, approximately 200 kilometers from South Africa’s western seaboard, Block 3B/4B spans a vast 17,581 square kilometers. It lies contiguous to the DWOB license, where TotalEnergies and its QatarEnergy and Sezigyn have matured exploratory drilling plans.
“Following the Venus discovery in Namibia, we are eager to extend our exploration endeavors into the Orange Basin with this promising South African license,” Senior Vice-President of Exploration at TotalEnergies, Kevin McLachlan, said in a company statement.
The agreement also includes a full carry of Africa Oil’s retained share of all joint venture costs, repayable from production, which is expected to cover the drilling of up to two wells.
“This is a testament to the block’s exploration potential and aligns with discoveries in Namibia’s Orange Basin,” CEO of Africa Oil, Dr. Roger Tucker, said in its company statement, adding TotalEnergies’ deepwater expertise would a valuable asset for the project’s future.
The agreement underscores the potential of the Orange basin and sets the stage for upcoming exploration activities. While no detail has been providing on the spudding of the first exploration well on Block 3B/4B, previous partners had identified several prospects, including Wolf – a 110km2 4-way structural closure of a Barremian/Aptian-aged carbonate build-up.
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Upon completion, TotalEnergies will command a 33% interest and take over as operator, while QatarEnergy will secure a 24% interest. The deal leaves the remaining shares distributed among Africa Oil SA with 17%, Ricocure holding 19.75%, and Azinam, a subsidiary Eco (Atlantic) Oil & Gas Ltd., at 6.25%. The transaction’s closure hinges on the green light from relevant authorities.
The deal follows a recurrent strategy by TotalEnergies and QatarEnergy to jointly farm into promising deep-water exploration blocks globally – particularly offshore Africa.
Nestled in the resource-rich Orange basin, approximately 200 kilometers from South Africa’s western seaboard, Block 3B/4B spans a vast 17,581 square kilometers. It lies contiguous to the DWOB license, where TotalEnergies and its QatarEnergy and Sezigyn have matured exploratory drilling plans.
“Following the Venus discovery in Namibia, we are eager to extend our exploration endeavors into the Orange Basin with this promising South African license,” Senior Vice-President of Exploration at TotalEnergies, Kevin McLachlan, said in a company statement.
The agreement also includes a full carry of Africa Oil’s retained share of all joint venture costs, repayable from production, which is expected to cover the drilling of up to two wells.
“This is a testament to the block’s exploration potential and aligns with discoveries in Namibia’s Orange Basin,” CEO of Africa Oil, Dr. Roger Tucker, said in its company statement, adding TotalEnergies’ deepwater expertise would a valuable asset for the project’s future.
The agreement underscores the potential of the Orange basin and sets the stage for upcoming exploration activities. While no detail has been providing on the spudding of the first exploration well on Block 3B/4B, previous partners had identified several prospects, including Wolf – a 110km2 4-way structural closure of a Barremian/Aptian-aged carbonate build-up.
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