The deal, initially announced in March 2024, sees TotalEnergies holding a 33% participating interest in the highly anticipated block.
Eco, through its wholly owned subsidiary, Azinam, has reduced its stake in Block 3B/4B by 13.75% as part of an overall 57% farm down alongside partners Africa Oil and Ricocure.
QatarEnergy International E&P now holds a 24% stake in the block, while Africa Oil has a 17% share, Azinam holds 6.25% and Ricocure retains 19.75%.
The completion of this transaction results in Eco receiving $8.3m (R146.8m), while Africa Oil has the potential to gain up to $46.8m in total transaction value.
Block 3B/4B spans 17,581km² in the Orange Basin with water depths ranging from 300m to 2,500m and is positioned southeast and on trend with several oil discoveries, including the Venus discovery.
The block has seismic data coverage, with approximately 14,000km² of 2D seismic and 10,800km² of 3D seismic, revealing a broad set of exploration prospects.
Eco Atlantic co-founder and CEO Gil Holzman said: “Block 3B/4B sits in a prolific hydrocarbon jurisdiction and we are excited to continue preparations for first drilling on the block under the leadership of TotalEnergies.”
This development comes after TotalEnergies’ decision last month to withdraw from several offshore blocks in South Africa, including Block 11B/12B, after reviewing its 45% stake acquired in 2013.
TotalEnergies intends to exit exploration Blocks 5/6/7, where it holds a 40% stake. The Brulpadda and Luiperd gas discoveries in Block 11B/12B are among South Africa’s largest and have the potential to significantly support the country’s energy transition. However, TotalEnergies has determined that these discoveries present challenges that hinder their economic development and monetization.
