NiseriN/iStock via Getty Images
TotalEnergies (NYSE:TTE) and partner QatarEnergy said Wednesday said they agreed to acquire substantial stakes in the Orange Basin offshore South Africa from Eco Atlantic Oil & Gas (OTCPK:ECAOF) for an undisclosed sum.
Upon completion of the deals, TotalEnergies (TTE) will hold a 33% participating interest in Block 3B/4B and assume operatorship, while QatarEnergy will own a 24% stake.
Block 3B/4B is located in South Africa's side of the Orange Basin, just south of major discoveries by Shell, Galp and TotalEnergies' (TTE) own Venus discovery in neighboring Namibia.
The Orange Basin is largely unexplored, with dozens of legacy wells drilled in shallow shelf waters along South Africa's coastline, but is "highly prospective with at least two prospects in the northern region of the basin potentially containing millions of barrels of oil and associated gas," according to the Petroleum Agency of South Africa.