Total has announced that it has received approval from the South African Authorities and has completed the acquisition of a 50% interest in Block 11B/12B, from CNR International (South Africa) Ltd., a wholly owned subsidiary of Canadian Natural Resources Limited.
The asset is located in the Outeniqua Basin, around 175 km off the southern coast of the country, and covers an area of 19 000 km2 with water depths ranging from 200 to 1800 m.
Total will also become operator of Block 11/B/12B and will drill an exploration well on the block in 2014.
“Our acquisition in this extension frontier exploration asset demonstrates our determination to establish ourselves in new plays. South Africa’s deep offshore, in particular the Outeniqua Basin, is one of the few remaining under-explored offshore regions in Africa. Recent discoveries in the Falkland Islands together with the prospects indentified on the block offer us very promising opportunities.” Commented Marc Blaizot, Senior Vice President, Exploration at Total. “The results of the upcoming exploration well will be decisive, especially in terms of operability of the area in such a harsh environment. As the operator, we will leverage our recognized deep offshore expertise and experience in challenging waters such as the North Sea and the Barents Sea, to quickly appraised the potential of this acreage.”
The acquisition is aligned with Total’s strategy of expanding its exploration and production operations in under-explored countries with strong growth potential.
Adapted from a press release by David Bizley
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