TotalEnergies EP South Africa BV is currently reviewing its options regarding its 45% interest in Block 11B/12B offshore South Africa following CNR International (South Africa) Ltd.’s notice to joint venture partners that it will withdraw its participation. In its June 2024 investor presentation, CNR said the economic viability of the project was under evaluation.
Under the joint operating agreement, the remaining parties may advise whether or not they will also withdraw within 30 days, partner Africa Energy Corp. said in a release July 1. Withdrawing parties would assign their interest free of charge to each of the non-withdrawing partners in proportion to the interest of non-withdrawing partners, Africa Energy said.
CNR's withdrawal from its 20% interest is subject to all relevant regulatory approvals by South African authorities.
Africa Energy, which participates in the block through an investment in Main Street 1549 Pty Ltd., said it does not intend to withdraw.
TotalEnergies is operator in Block 11B/12B with 45% interest and has applied for a production right (PR) over the block in 2022. The company in 2021 noted plans for an early production system for phased development of the Paddavissie Fairway on the block, which lies 175 km off South Africa’s southern coast (OGJ Online, June 9, 2021).
Block 11B/12B is in Outeniqua basin and covers an area of about 19,000 sq km with water depths ranging from 200 to 1,800 m. The Paddavissie Fairway in the southwest corner of the block now includes both Brulpadda and Luiperd discoveries, confirming a prolific petroleum system, the operator has said.
Qatar Petroleum holds 25% and CNR International 20%. Africa Energy Corp. holds 49% of the shares in Main Street 1549, which has a 10% participating interest in Block 11B/12B.