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Qatar Petroleum entered into an agreement with Total of France to acquire a 25% participating interest in the Exploration Block 11B/12B, offshore South Africa.
Once the agreement receives regulatory approvals by the South African Government, Qatar Petroleum will have a 25% participating interest in the block, while Total (the Operator) will have 45%, Canadian Natural Resources Limited (CNR) will hold 20%, and Main Street 1549 Proprietary Limited (Main Street) will have a 10% participating interest.
Commenting on this occasion, Mr. Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum said: “This agreement is another step by Qatar Petroleum that embodies the vision of His Highness the Emir of the State of Qatar in expanding and reinforcing Qatar’s leading position in the field of energy across the globe. We are pleased to sign this agreement with our long-time partner Total, and to participate in exploration activities in this frontier block offshore South Africa.”
“We are hopeful that the exploration efforts, including the drilling of an exploration well later this year, will be successful, and we look forward to collaborating with our partners Total, CNR, Main Street in this project. I would like to take this opportunity to thank the South African authorities and our exploration partners for their support,” Mr. Al-Kaabi concluded.
Block 11B/12B is located in what is considered to be a frontier area in the Outeniqua Basin, approximately 175 kilometres off the southern coast of South Africa. It covers an area of approximately 19,000 square kilometers with water depths ranging from 200 to 1,800 metres.
