After spending $400m, Total to ditch SA offshore gas finds - choosing Namibia instead
TotalEnergies plans to exit its discoveries of gas-condensate off the tip of South Africa to prioritise exploration in other areas closer to Namibia, according to people familiar with the matter.
Africa Energy Corporation, which has a 20% stake in the discoveries, said in a statement on Monday that it will withdraw from the joint operating agreement with its partners having been advised that TotalEnergies’ local unit"is currently reviewing its options". to bring oil and gas developments onstream in a timely manner amid legislative uncertainty. The passage of a new hydrocarbon law awaited by explorers has dragged on for years.
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