PARIS--(BUSINESS WIRE)--Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and Qatar Petroleum have further strengthened their international partnership by signing agreements under which Qatar Petroleum will farm into Total-held exploration acreage in Namibia, Guyana and Kenya. Following completion of the transactions, which are subject to approval by relevant authorities, Qatar Petroleum will partner with Total in each country as outlined below:
Total will transfer to Qatar Petroleum a 30% interest in Block 2913B and retain a 40% interest. Total will also transfer to Qatar Petroleum 28.33% in Block 2912 and retain 37.78%. The deepwater blocks are located in the Orange Basin, offshore Namibia. A first exploration well is scheduled to be drilled next year on Block 2913B.
Qatar Petroleum will have 40% of the company holding Total’s existing 25% interests in the Orinduik and Kanuku blocks, adjacent to the Stabroek Block in the prolific offshore Guyana Basin. Total will retain the remaining 60% of this company. Following the Jethro discovery on the Orinduik license earlier this month, a second exploration well (Joe-1) is being drilled on the same block. A third (Carapa-1) is planned for later this year on the Kanuku license.
With ENI, Total will transfer a combined 25% interest in Blocks L11A, L11B and L12 to Qatar Petroleum. Total’s interest will be reduced from 45% to 33.75%. All three blocks are located in Kenya’s deep offshore. An exploration well is planned for Block L11B in 2020.
“Following on from our first discovery together and the opening of a new gas province on the Brulpadda prospect in South Africa, the latest agreements are an important milestone in the long-standing partnership between Total and Qatar Petroleum,” stated Arnaud Breuillac, President Exploration & Production at Total. “As their long-term partner in Qatar, where we have a well-established presence, we are committed to continuing to support Qatar Petroleum’s international development, through partnership and collaboration, as we have successfully done in the past.”
Qatar Petroleum became a shareholder of Total E&P Congo in 2013, acquiring 15% of its share capital. In 2018, Total transferred a 25% working interest to Qatar Petroleum in the 11B/12B license it operates in South Africa, site of the recent Brulpadda discovery.
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