- Global Markets: "Oil Demand and Supply Close to New Peaks" - IEA
- Global Oil & Gas: Liquidity fuels LNG storage growth
- Global Markets: Saudis may use kingdom's oil wealth as political weapon
- Africa Oil & Gas: One step forward, two back in Libya
- Industry Analysis: "Is Egypt Undergoing A Natural Gas Renaissance?" - GGP
Qatar Petroleum, the world’s largest producer of liquefied natural gas (LNG), said it had entered into a deal with France’s Total to acquire a 25% stake in an exploration block offshore South Africa.
The deal is part of Qatar Petroleum’s international expansion “reinforcing Qatar’s leading position in the field of energy across the globe,” said Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum.
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.
“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,” said Al-Kaabi.
Once the deal receives regulatory approvals by the South African Government, Qatar Petroleum will have a 25% participating interest in the block, while Total that operates the block will have 45%, Canadian Natural Resources Limited (CNR) will hold 20%, and Main Street 1549 Proprietary Limited will have a 10% participating interest.