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QP acquires stakes in three South Africa blocks
7/4/2021 12:00:00 AM
Qatar's state-owned QP has signed an agreement with TotalEnergies to acquire stakes in three offshore exploration blocks in South Africa, further expanding its upstream footprint in Africa.
Once approved by the government of South Africa the agreement will grant QP the ownership of a 25pc participating interest in the South Outeniqua block, a 30pc interest in the DWOB block and a 29.17pc interest in the OBD block.
The South Outeniqua block covers an area of approximately 49,000 km2 in water depths ranging between 200 and 5,000 meters. TotalEnergies is the operator and holds the remaining participating interest in the block.
South Outeniqua is located directly south of the 11B/12B block, in which QP acquired a 25pc stake from TotalEnergies in 2018. A significant gas condensate discovery was made in the block in October last year.
The DWOB and OBD blocks cover a combined area of about 53,000 km2 in water depths ranging between 1,000 and 4,200 meters. The blocks are located in the Orange Basin directly south of Namibian blocks 2912 and 2913B, in which QP already holds participating interests, and in close proximity to blocks 2913A and 2914B, in which QP has recently acquired a 45pc stake from Shell.
TotalEnergies is the operator of both DWOB and OBD blocks, owning 50pc and 48.61pc stakes respectively. The remaining 20pc participating interest in the DWOB block is owned by South African firm Sezigyn, while the remaining 22.22pc in OBD block is owned by another South African company, Impact.
These latest acquisitions build on what is a fast growing portfolio in the African continent for QP, where it already has stakes in three blocks offshore Kenya with Total and Italy's Eni, and one block offshore Mozambique with Eni.
QP's strategy to target exploration acreage has accelerated since 2017 with Qatar investing in dozens of overseas upstream oil and gas exploration blocks alongside long-time partners such as Shell and Total.
Source: Argus