QatarEnergy has made a significant move in expanding its exploration portfolio by entering into a new agreement concerning Block 3B/4B offshore South Africa. Teaming up with TotalEnergies, the company has inked a farm-in agreement with Africa Oil Corporation, Ricocure, and Eco Atlantic Oil & Gas to acquire participating interests in this promising offshore block.
Upon completion of the deal, QatarEnergy will secure a 24 percent participating interest in Block 3B/4B, while TotalEnergies will hold the lion’s share at 33 percent and will operate the block. The remaining participating interests will be distributed among existing licence holders, with Africa Oil Corporation at 17 percent, Ricocure at 19.75 percent, and Eco Atlantic Oil & Gas at 6.25 percent.
In response to the agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the minister of state for energy affairs and the president and CEO of QatarEnergy, expressed enthusiasm, stating, “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.”
Block 3B/4B encompasses an expansive area of over 17,500 square kilometres within the Orange Basin, situated offshore the western coast of South Africa. The water depths in this region range between 300 and 2,000 metres, presenting promising prospects for exploration and potential hydrocarbon discoveries.
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