TotalEnergies says will quit South African offshore gas block
CAPE TOWN, July 29 (Reuters) -French oil major TotalEnergies TTEF.PA said on Monday it would withdraw from an offshore natural gas block off South Africa's southern coast because developing the finds commercially would be too difficult.
Earlier this month, TotalEnergies had signalled its intention to withdraw from Block 11B/12B, dealing a blow to South Africa's efforts to become energy independent by developing its largest offshore gas discoveries ever.
"TotalEnergies entered into Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd, which could however not be turned into a commercial development as it appeared to be too challenging to economically develop and monetize these gas discoveries for the South African market," the company said in a statement, without giving further details about the challenges.
Oil companies have faced a series of court challenges by environmentalists and bureaucratic delays that have dampened investor appetite in South Africa's offshore zone, where rough seas and strong currents also complicate exploration efforts.
TotalEnergies' exit follows an earlier decision by its Canadian partners CNRI to withdraw from Block 11B/12B, which South Africa's government hoped could supply gas to an idle gas-to-liquid plant at Mossel Bay operated by national oil and gas company PetroSA.
TotalEnergies, which held a 45% stake in the block, also decided to exit offshore exploration on the west coast in Block 5/6/7, where it held a 40% interest.
However, the company held onto a stake in Block 3B/4B, which lies on South Africa's side of the Orange Basin, just south of big discoveries by Galp GALP.LS, Shell SHEL.L and TotalEnergies' own Venus discovery in neighbouring Namibia.
Reporting by Wendell Roelf;
Editing by Olivia Kumwenda-Mtambo and Helen Popper
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