Total buys into South African offshore oil block

TotalEnergies agreed to buy an operating interest in a South African oil block following significant discoveries off neighbouring Namibia.

The French major will hold a 33% stake in Block 3B/4B, southeast of Namibian finds made by Total and Shell in 2022, according to a statement.

Since then, multiple exploration rigs have headed to the area’s Atlantic waters.

Pending final approvals, QatarEnergy will hold 24% of the block. In January, both Total and its Qatari partner boosted their stakes in Namibia’s Block 2913B, which contains the Venus field and an adjacent area.

Portugal’s Galp Energia SGPS SA has also found oil nearby, while Chevron Corp. has applied to drill.

The South African deal will see the remaining interests held by Africa Oil Corp., Ricocure and Azinam, Total said in the statement Wednesday.