TotalEnergies has signed an agreement to acquire interests in an exploration block offshore South Africa, alongside QatarEnergy. The interests were purchased from Africa Oil South Africa (SA), Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure. 

TotalEnergies has gained a 33% interest in Block 3B/4B, which is located 200km off the west coast of South Africa, and will operate the exploratory asset. Meanwhile, QatarEnergy will hold a 24% interest. The remaining interests will be held by the existing licence holders, with Africa Oil SA retaining 17%, Ricocure holding 19.75% and Azinam holding 6.25%. 

The exploration block sits within South Africa’s Orange Basin, which is home to several major oil exploration sites. Block 3B/4B covers 17,581km² of ocean, next to the DWOB licence, which is also operated by TotalEnergies and QatarEnergy, as well as Sezigyn. According to Africa Oil, Block 3B/4B holds total unrisked gross P50 prospective resources of approximately four billion barrels of oil equivalent. 

Kevin McLachlan, senior vice-president (Exploration) of TotalEnergies, said in a press release: “Following the Venus success in Namibia, TotalEnergies is continuing to progress its exploration effort in the Orange Basin, by entering this promising exploration licence in South Africa.” 

Saad Sherida Al-Kaabi, Qatar Minister of State for Energy Affairs and the President and CEO of QatarEnergy, added: “The farm-in to Block 3B/4B builds on our presence in the prolific Orange Basin. We are pleased to enter this block together with our strategic partner TotalEnergies, and we look forward to working together with our partners and the relevant government entities in South Africa to further assess this block’s potential.” 

The transaction is subject to final approval from the relevant authorities.