Arnaud Breuillac, Total’s president, Exploration & Production, said: “This transaction enhances the partnership on block 11B/12B in preparation for the high potential exploration well scheduled to be drilled on the block at the end of 2018.”
Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, added: “This is an important milestone in our strategy to expand our international upstream footprint. “We hope that the exploration efforts are successful, and we look forward to collaborating with Total, CNR, Main Street, and the South African authorities on this project.”
The block is in the Outeniqua basin, 175 km (109 mi) off the southern coast of South Africa, and covers 19,000 sq km (7,336 sq mi) in water depths ranging from 200-1,800 m (656-5,905 ft).
Assuming the transaction is cleared, the new partnership structure will be Total (operator, 45%), Qatar Petroleum (25%), CNR international (20%), and Main Street (10%).
Total and Qatar Petroleum have a long-standing cooperation in Qatar, where Total has stakes in the upstream part of the Qatargas 1 LNG project, Dolphin Energy and Qatargas 2 train 5.
In 2016, Total also entered the offshore Al-Shaheen concession with a 30% interest. Offshore West Africa, Qatar Petroleum has a 15% stake in Total E&P Congo.