Mineral Resources Dept pleased TotalEnergies 'not entirely leaving oil & gas opportunities in SA'
TotalEnergies announced on Monday that it was pulling out from a block off the Mossel Bay coast after two major discoveries there.
Picture: Facebook/TotalEnergiesSouthAfrica
JOHANNESBURG - The Department of Mineral Resources and Energy (DMRE) says it's noted an announcement by TotalEnergies to exit from offshore gas discoveries in South Africa.
The French multinational made the announcement on Monday, saying it was pulling out from a block off the Mossel Bay coast after two major discoveries there.
The company said it has been challenging to economically develop and monetise the discoveries for the local market.
The DMRE said it’s confident a suitable investor would come on board and be able to monetise the gas discoveries
The department said it’s also pleased that the multinational “is not entirely leaving oil and gas opportunities in South Africa”.
In the meantime, TotalEnergies still holds various other exploration rights in South Africa and remains committed to the exploration of the country’s oil and gas resources. This, with a view to ensure development and sustainability in the sector.