VANCOUVER, Canada — CNR International has informed the TotalEnergies-led partnership of its intention to withdraw from the joint operating agreement for deepwater Block 11B/12B offshore South Africa.
The concession, 175 km off the southern coast in the Outeniqua Basin, contains the large Luiperd and Brulpadda gas-condensate discoveries in the southwest corner of the block.
Under the agreement terms, said indirect partner Africa Energies, other parties to the joint venture may advise whether or not they will also withdraw within 30 days. Those leaving assign their interest free of charge to each of the non-withdrawing partners in proportion to their interests in the permit.
TotalEnergies EP South Africa is also said to be reviewing its options with regard to its 45% controlling interest in Block 11B/12B. Africa Energy, however, which has an investment in Main Street 1549 Pty, currently holds a 10% interest and does not intend to withdraw.
The company said it sees natural gas playing a critical role in South Africa's energy transition and that use of gas from the block represents the country’s most material domestic supply option.
CNR's withdrawal remains subject to approvals by the South African authorities.
