TotalEnergies is acquiring additional interest in its operated 2913B and 2912 blocks offshore Namibia from Impact Oil & Gas Namibia, an investee company of Africa Oil Corp., the companies announced in a Jan. 10 press release.
Under the deal, TotalEnergies is acquiring an additional 10.5% participating interest in Block 2913B and an additional 9.39% participating interest in Block 2912.
The farm-out agreement allows Africa Oil to continue participating in the Venus oil development project “without stretching our balance sheet or exposing ourselves to the execution risk on a large-scale deepwater project,” Roger Tucker, CEO of Africa Oil, said in a press release.
The Venus project, in Block 2913B, is a light oil and associated gas field in the Orange Basin. Wood Mackenzie called the discovery the largest oil discovery in 2022, as the field is estimated to hold 3 to 5 Bboe.
After completing the transactions, TotalEnergies will continue to operate Block 2913B, which contains the Venus discovery, with 45.25% interest, and a 42.5% interest in Block 2912. Impact will retain 9.5% interest in each license.
In Block 2913B QatarEnergy holds 30% interest, and Namibian state oil company NAMCOR holds 10% interest. In Block 2912, QatarEnergy holds 28.3% interest, and NAMCOR holds 15% interest.
“This transaction not only increases our share in the Venus discovery and remaining prospectivity on these blocks, but also represents a key step toward the development of Venus by consolidating the partnership and securing financing of all partners,” said Patrick Pouyanné, TotalEnergies’ CEO and chairman, said in a press release.
Recommended Reading
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.