TotalEnergies TTE and partner QatarEnergy penned a deal with Africa Oil South Africa to acquire participating interests in Block 3B/4B offshore South Africa.
Block 3B/4B, based within the prolific Orange basin, covers an area of 17,581 km and is adjacent to the DWOB license operated by TotalEnergies (50%) alongside QatarEnergy (30%) and Sezigyn (20%).
Post-deal completion, TotalEnergies will hold a 33% participating stake in Block 3B/4B and assume operatorship, while QatarEnergy will have a 24% interest.
Also Read: LNG Power Play: TotalEnergies Strikes 16-Year Deal with Sembcorp Fuels
The remaining interests in the asset will be held by existing license holders, Africa Oil SA (17%), Ricocure (19.75%) and Azinam (6.25%).
The transaction is subject to final approvals from relevant authorities.
“Following the Venus success in Namibia, TotalEnergies is continuing to progress its Exploration effort in the Orange Basin, by entering this promising exploration license in South Africa", said Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies.
This week, TotalEnergies collaborated with Bapco Energies to optimize Sitra refinery, boosting petroleum product trading capabilities.
Price Action: TTE shares are up 1.05% at $64.83 premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
