DOHA: Qatar Petroleum (QP) entered into an agreement with Total of France to acquire a 25 percent participating interest in the Exploration Block 11B/12B, offshore South Africa.
Once the agreement receives regulatory approvals by the South African Government, QP will have a 25 percent participating interest in the block, while Total (the Operator) will have 45 percent, Canadian Natural Resources Limited (CNR) will hold 20 percent, and Main Street 1549 Proprietary Limited (Main Street) will have a 10 percent participating interest.
Saad Sherida Al Kaabi (pictured), the President & CEO of QP 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,” Al Kaabi added.
Block 11B/12B is located in what is considered to be a frontier area in the Outeniqua Basin, approximately 175 kilometers 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 meters.
