February 5, 2018 / 9:19 AM / 6 months ago

Oil group Total to sell 25 percent stake in offshore South African block to Qatar Petroleum

PARIS (Reuters) - French oil and gas group Total has agreed to sell a 25 percent stake in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum, in a deal which Total said would strengthen its ties with the Qatari group.

The logo of Total is seen on the headquarters tower of French oil giant Total at La Defense business and financial district in Courbevoie, near Paris, France, December 18, 2017. REUTERS/Philippe Wojazer

Following the sale, the new ownership structure for the block will see Total have 45 percent, Qatar Petroleum will have 25 percent, CNR International will have 20 percent while Main Street will have 10 percent.

The Block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.

“Total is delighted to broaden its long-standing relationship with Qatar Petroleum and combine efforts to explore this promising region offshore South Africa,” said Arnaud Breuillac, president of Total’s Exploration & Production division, in a statement.

Reporting by Sudip Kar-GuptaEditing by Bate Felix

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