Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement to sell a 25% interest in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum. The transaction remains subject to regulatory approval.
“This transaction 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. Total is delighted to broaden its long-standing relationship with Qatar Petroleum and combine efforts to explore this promising region offshore South Africa ,” commented Arnaud Breuillac, President, Exploration & Production at Total.
Commenting on the agreement, Mr. Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum said “We are pleased to join our long-time partner Total in exploration activities in this frontier block offshore South Africa. 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.”
The Block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters. Upon receiving all regulatory approvals the new partnership structure will be as follows: Total (operator, 45%), Qatar Petroleum (25%), CNR international (20%) and Main Street (10%).
Total and Qatar Petroleum
Total and Qatar Petroleum have built a strong partnerships through the years. In Qatar, Total also holds a 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 is also partner with Qatar Petroleum 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 Qatar Petroleum holds a 15% stake in Total E&P Congo.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil company (NOC) responsible for the sustainable development of the oil and gas industry in Qatar and beyond. Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, refining, production, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development in Qatar and beyond.
Total is a global integrated energy producer and provider, a leading international oil and gas company, a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.
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