TotalEnergies to withdrawal from South African offshore block

French energy major TotalEnergies announced on July 29 its withdrawal from Block 11B/12B offshore South Africa, following the decision of its partner CNRI to exit the block. TotalEnergies holds a 45% interest in the block.

TotalEnergies entered Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd. However, these discoveries could not be turned into a commercial development due to the challenges in economically developing and monetising the gas for the South African market.

Additionally, TotalEnergies has decided to exit from offshore exploration Block 5/6/7, where it holds a 40% interest.

Earlier this month, TotalEnergies signed an agreement with Mauritius-based Chappal Energies to sell its 10% interest in the SPDC JV licences in Nigeria. The SPDC JV is an unincorporated joint venture consisting of the Nigerian National Petroleum Corporation (55%), Shell (30%, operator), TotalEnergies EP Nigeria (10%), and NAOC (5%), holding 18 licences in the Niger Delta.

The company also recently agreed to sell its wholly-owned subsidiary, TotalEnergies EP (Brunei), to Malaysian independent oil and gas company Hibiscus Petroleum for $259mn. in June, TotalEnergies signed an agreement to sell its entire stake in the West of Shetland gas assets in the UK to The Prax Group.