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  • Canadian Natural Resources Limited Provides Details on Offshore South Africa Farm-Out with partner Total
    édité le 01/10/2013 - Plus de news de "Canadian Natural" - Voir la fiche entreprise de "Canadian Natural"


Canadian Natural Resources Limited Provides Details on Offshore South Africa Farm-Out with partner Total
Canadian Natural Resources Limited ("Canadian Natural" or the "Company") is pleased to announce the completion of its process to find a world class partner for the joint exploration of its Block 11B/12B offshore South Africa. After a lengthy and thorough process, where Canadian Natural received a number of strong, competitive offers from wellknown industry participants, the Company elected to partner with Total E&P South Africa BV ("Total"), a wholly owned subsidiary of Total SA, based on their knowledge, experience and successful history in deep water exploration.

Following approval from the Government of South Africa, the Company's wholly owned subsidiary, CNR International (South Africa) Limited has completed a Farm-Out Agreement with Total. The Agreement provides that in exchange for a 50% working interest in the Block and the right to Operatorship, Canadian Natural received an undisclosed upfront cash payment, a recovery of 50% of past incurred costs and a carry in the first exploration well drilled up to a gross cost of US$150 million. The first exploration well is targeted to be drilled in 2014. In the event of a successful multi-well xploration program to define the prospect and subsequent commercial development, additional consideration will be received.

Block 11B/12B is located in the Outeniqua Basin, approximately 175 kilometers off the southern coast of South Africa and covers an area of approximately 19,000 square kilometers with water depths ranging from 200 - 1,800 meters.

Canadian Natural has undertaken extensive seismic studies of the Block. The newly formed joint venture will work towards finalizing the location of the initial exploration well.
Commenting on the completion of the Farm-Out Agreement, Steve Laut, President of Canadian Natural said "The exploration potential in this offshore area of South Africa is exciting. We are pleased to have the opportunity to work together with Total, a world class partner. The completion of this joint venture demonstrates the opportunities provided to the Company through its international portfolio which contributes to our vast and diversified asset base. Working together with Total and the Government of South Africa, we are in a positive position to maximize shareholder value in
this exciting prospect.

About Canadian Natural
Canadian Natural is one of the largest independent crude oil and natural gas producers in the world. The Company continually targets cost effective alternatives to develop our portfolio of projects and to deliver our defined growth plan, thereby creating value for shareholders.

About Total in South Africa
Present in South Africa since 1954, Total is now the country’s fifth-ranked marketer, with sales of 3.1 million tons of products each year, a network of 528 service stations, its biggest outside Europe, and a 36.6% interest in the Natref refinery alongside Sasol. The Group is also South Africa’s third-ranked LPG marketer and fifth-ranked coal exporter.
Total’s solar affiliate, SunPower, is active in ground-mounted solar power plants and off-grid solar facilities in South Africa. It is currently building two solar power plants near Douglas, in The Northern Cape. Total is also implementing decentralized rural electrification programs through KwaZulu Energy Services (KES).
The newly created exploration and production affiliate is based in Cape Town.


Origine : Communiqué Canadian Natural

Voir la fiche entreprise de "Canadian Natural"



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