DOHA: QatarEnergy and TotalEnergies have signed a farm-in agreement with Africa Oil Corporation, Ricocure, and Eco Atlantic Oil & Gas to acquire participating interests in Block 3B/4B, offshore South Africa.
Following completion of the transaction, QatarEnergy will hold a 24 percentparticipating interest in Block 3B/4B, TotalEnergies will hold 33 percentand will be the operator, while the remaining participating interests will be held by existing license holders, Africa Oil Corporation (17 percent), Ricocure (19.75 percent) and Eco Atlantic Oil & Gas (6.25 percent).
Commenting on the transaction, Minister of State for Energy Affairs, and President and CEO of QatarEnergy HE Eng Saad bin Sherida Al Kaabi said: "The farm-in to Block 3B/4B builds on our presence in the prolific Orange Basin."
Block 3B/4B covers an area of more than 17,500 sqkm within the Orange Basin offshore the western coast of South Africa in water depths ranging between 300 and 2,000 metres.
