TotalEnergies: withdrawal from an offshore block in South Africa
(CercleFinance.com) - Following partner CNRI's decision to withdraw from Block 11B/12B, TotalEnergies has also announced its withdrawal from this block off the South African coast, in which its local subsidiary holds a 45% interest.
TotalEnergies entered this block in 2013, making two gas discoveries that could not be converted into commercial development, due to difficulties in developing and valorizing these discoveries on the South African market.
The French energy giant adds that it has also decided to withdraw from offshore exploration block 5/6/7, in which its subsidiary TotalEnergies EP South Africa holds a 40% interest.
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TotalEnergies entered this block in 2013, making two gas discoveries that could not be converted into commercial development, due to difficulties in developing and valorizing these discoveries on the South African market.
The French energy giant adds that it has also decided to withdraw from offshore exploration block 5/6/7, in which its subsidiary TotalEnergies EP South Africa holds a 40% interest.
Copyright (c) 2024 CercleFinance.com. All rights reserved.