Total Sells 25% Interest in Offshore Block to Qatar Petroleum

02/05/18 04:40 AM EST
   By Alberto Delclaux 
 

Total SA (FP.FR) has signed an agreement to sell a 25% interest in an offshore exploration block to Qatar Petroleum, the French oil-and-gas company said Monday.

The block 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, Total said.

"This transaction enhances the partnership on Block 11B/12B in preparation for the high-potential exploration well scheduled to be drilled on the block at the end of 2018," Total's president for exploration and production, Arnaud Breuillac, said.

Once the transaction has been approved, operator Total will have a 45% stake in the block and Qatar Petroleum will have 25%. Canadian Natural Resources International has a 20% stake and Main Street Capital Corp (MAIN) has the remaining 10%.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

February 05, 2018 04:40 ET (09:40 GMT)

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