TotalEnergies plans South Africa oil hunt in new drilling drive
TotalEnergies plans an offshore drilling campaign in South Africa's Deep Western Orange Basin.
The company aims to drill up to seven wells, located 211 kilometres off the Saldanha Bay coast.
Namibia's recent oil discoveries have made the region a key exploration area.
TotalEnergies SE is preparing a new offshore drilling campaign in South Africa's Deep Western Orange Basin, a region that stretches into waters where Namibia has made significant oil discoveries.
According to SLR Consulting, which is conducting an independent environmental assessment, Total's South African unit plans to drill up to seven wells about 211 kilometres (131 miles) off the coast of Saldanha Bay. A draft assessment has been released for public comment until September 10, according to Bloomberg.
Chief Executive Officer Patrick Pouyanné stated during an earnings call last month that the company plans to commence drilling its South African prospects next year.
Shell plans to drill as many as five wells within the Northern Cape Ultra Deep license block off the coast of South Africa, according to a notice by SLR last year.
However, in recent years, environmental groups have successfully challenged several offshore exploration projects in South African courts.
The new development comes as Total and its rival, Shell Plc, step up exploration plans following major discoveries in 2022 across the maritime border in Namibia, which have transformed the area into one of Africa's most promising oil frontiers.
While the country has yet to produce any oil, Energy companies such as Total Energies and Shell have identified an estimated 2.6 billion barrels of reserves.
These discoveries have led to the projection that the country will be able to produce oil by 2030. Some of the discovery hotspots in the country include Orange Basin, Luderitz, Kavango, and Walvis basins.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Venture Global (VG) Gets 12% Boost From Legal Battle Win Vs. Shell
We recently published . Venture Global, Inc. (NYSE:VG) is one of the best-performing stocks on Wednesday. Venture Global rallied for a second straight day on Wednesday, surging 11.99 percent to close at $13.64 apiece, following its legal battle victory against Shell PLC (NYSE:SHEL) and optimism that it would win similar arbitration cases with other companies. Earlier this week, Venture Global, Inc. (NYSE:VG) won the battle against Shell over its failure to deliver liquefied natural gas under long-term contracts in 2023. Other companies, namely BP, Edison, Orlen, Repsol, and Galp, similarly accused the LNG firm of profiting from the sale of natural gas on the spot market while failing to deliver them their contracted cargoes from the Calcasieu Pass export facility in Louisiana. They said it was profiteering by selling commission cargoes at higher spot prices, a claim Venture Global, Inc. (NYSE:VG) firmly debunked, saying that it delayed commercial operations due to a faulty electric system that did not allow the plant to operate. Photo by Kwon Junho on Unsplash In other news, Venture Global, Inc. (NYSE:VG) said it grew its net income in the second quarter of the year by 21 percent to $368 million from $303 million in the same period last year, on the back of higher income from operations of $675 million primarily due higher LNG sales volumes at the Plaquemines Project. Revenues soared by 180 percent to $3.1 billion from $1.1 billion year-on-year. While we acknowledge the potential of VG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
Shell-Backed Raízen Seeks Fresh Funds as Shares Hit Record Low
A Brazilian sugar and ethanol powerhouse backed by Shell Plc is seeking fresh capital after bad bets led to a surge in debt. The shares tumbled to an all-time low on Thursday. Raízen SA, controlled by Brazil's Cosan SA and London-based Shell, is 'in active talks' for a capital injection, Chief Financial Officer Rafael Bergman told investors on an earnings call on Thursday. Shares slumped as much as 15% in Sao Paulo to just 1.02 reais (19 cents). The drop marks the biggest slump since the company went public in 2021.
Business Insider
3 hours ago
- Business Insider
South African court blocks offshore oil exploration by UK, French-backed energy firms
A South African court has blocked an offshore oil exploration project backed by France's TotalEnergies and the UK's Shell, citing major flaws in the environmental review process. A South African court has blocked an oil exploration project by TotalEnergies and Shell due to flaws in the environmental review process. The ruling rescinds the project's environmental authorization over inadequate assessments of socio-economic impacts and climate effects. Companies are permitted to submit revised assessments to address identified deficiencies in environmental and social studies. The ruling rescinds a government-issued environmental authorisation for exploration off the Cape coast, finding that the approval failed to properly assess the potential socio-economic impacts of oil spills and the broader effects of climate change. While halting the project, the court left the door open for a revised application, stating that the companies should be allowed to address the shortcomings. "Total must be afforded opportunity to submit new or amended assessments ... to cure the deficiencies identified," Reuters quoted Western Cape High Court Judge Nobahle Mangcu-Lockwood as saying. The court directed that these updated assessments should include deeper studies on environmental risks, climate impacts, and possible disruption to local fishing and coastal communities. According to Reuters, the decision marks the latest in a series of legal battles between environmentalists and oil companies seeking to explore South Africa's coastline. Energy firms have recently intensified their push into the country's west coast, aiming to replicate the string of oil and gas discoveries made in neighbouring Namibia's section of the prolific Orange Basin. TotalEnergies to review South Africa offshore ruling. In a statement, a TotalEnergies spokesperson acknowledged the ruling, insisting its local unit and partners had complied with all South African regulations. 'TotalEnergies E&P South Africa, along with its joint venture partners, will now legally assess the judgment in more detail and decide on the course of action,' the spokesperson said. The French company had already signaled plans to exit the concession, handing operatorship to Shell while PetroSA retained a minority share. The ruling has reignited debate over foreign-backed fossil fuel projects, balancing energy security and jobs against environmental, biodiversity, and climate concerns.l South Africa's anti-drilling group hail court ruling The case comes amid growing tensions in South Africa over balancing economic development with environmental protection. Supporters say the project could boost energy security and create jobs, while critics warn of lasting harm to marine ecosystems, tourism, and climate goals. Natural Justice, a non-profit that was among the applicants, praised the court's decision as a major step forward for communities and environmental groups seeking to curb oil and gas exploration along South Africa's coastline. 'This judgment again confirms that companies must follow due process, undertake comprehensive assessments, and provide communities with an opportunity to be heard,' Melissa Groenink-Groves, the organisation's programme manager, told Reuters.
