Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
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.
“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.
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
2024-02-20 - Midstream company Targa Resources reports a record fourth quarter in volumes and NGL fractionation.
2024-02-20 - U.S. energy firm Equitrans Midstream delayed the estimated completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter from the first quarter due in part to adverse weather in January.
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
2024-02-16 - ONEOK’s Saguaro Connector Pipeline will transport U.S. gas to Mexico Pacific’s Saguaro LNG project.