TotalEnergies, Qatar expand Orange Basin holdings to South Africa
03.07.2024 By Tank Terminals - NEWS

March 7, 2024 [Reuters]- TotalEnergies (TTEF.PA), opens new tab and Qatar’s oil company on Wednesday said they would buy a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin area in neighbouring Namibia.

 

The French company will buy a 33% stake in the licence to drill in offshore block 3B/4B, which extends over about 18,000 square kilometres, while state-owned QatarEnergy will hold a 24% stake, the two companies said without disclosing the value of the deal.

The remainder will be controlled by the existing owners of the project Africa Oil (AOI.TO), opens new tab, Azinam, which is owned by Canada-listed Eco Atlantic (EOG.V), opens new tab and Ricocure.

TotalEnergies and QatarEnergy have longstanding agreements, opens new tab to partner on exploration and production in Namibia, Guyana and Kenya.

Block 3B/4B is located in South Africa’s side of the Orange Basin, just south of big discoveries by Galp (GALP.LS), opens new tab, Shell (SHEL.L), opens new tab and TotalEnergies’ own Venus discovery in neighbouring Namibia.

“Following the Venus success in Namibia, TotalEnergies is continuing to progress its Exploration effort in the Orange Basin,” said Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies.

Namibia, which has no oil and gas production, has become a global exploration hotspot after deep water discoveries by Shell, TotalEnergies and Galp in recent years.

Eco Atlantic CEO Gil Holzman told Reuters: “TotalEnergies are the best partner one could have, they know the Orange Basin better than anyone else, they have a drilling rig in the area, and they are a great operator with a strong balance sheet.”

The Orange Basin is largely unexplored, with dozens of legacy wells drilled in shallow shelf waters along South Africa’s coastline.

“South Africa’s side of the Orange Basin resembles those of Namibia, it is highly prospective with at least two prospects in the northern region of the basin potentially containing millions of barrels of oil and associated gas,” said Jonathan Salomo, the lead geologist for the West coast at the Petroleum Agency of South Africa.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

ONEOK Announces Completion of NGL Fraction and Pipeline Expansion Projects
12.06.2024 - NEWS
December 06, 2024 [ONEOK]- ONEOK, Inc. today announced the completion of MB-6, a 125,000-barrel p... Read More
Aker Horizons and VNG Sign Term Sheet for the Supply of Green Ammonia from Norway to Germany
12.06.2024 - NEWS
December 06, 2024 [VNG]- The Leipzig-based gas trader VNG Handel & Vertrieb GmbH (VNG H&V... Read More
VNG and HyCC Plan to Produce Green Hydrogen in Lutherstadt Wittenberg
12.06.2024 - NEWS
December 06, 2024 [VNG]- Leipzig-based energy company VNG AG, its wholly-owned gas trading subsid... Read More
Belgium and Oman Strengthen Green Hydrogen Ties Under New Agreement
12.06.2024 - NEWS
December 06, 2024 [H2 View]- Belgium and Oman have agreed to “further strengthen” collaborati... Read More