French energy giant TotalEnergies said on Monday it was withdrawing from two offshore gas fields in South Africa as they did not appear economically viable. A subsidiary of TotalEnergies owns a 45 per cent stake in a block off the country’s southern coast where the fields, Brulpadda and Luiperd, were discovered. Qatar Petroleum, which holds a 25 per cent interest in the block, also announced its intention to withdraw from the project, said Africa Energy Corp, a Canadian oil and gas exploration company with a 10 per cent stake through a subsidiary. Another partner, CNR International which owns 20 per cent of the block, had announced its departure earlier in July. Africa Energy Corp said it did not intend to withdraw from the project and noted that under a joint agreement, companies that pull out of the block would give up their stakes for free to those that stay.

Source: Punch July 29, 2024 19:04 UTC