TotalEnergies plans to exit South African offshore gas finds

TotalEnergies plans to exit its discoveries of gas-condensate off the tip of South Africa to prioritize exploration in other areas closer to Namibia, according to people familiar with the matter. The French giant braved one of the fastest ocean currents in the world to drill off South Africa’s coast, spending at least $400 million to find an estimated 1 billion barrels equivalent of light liquid hydrocarbon at the Brulpadda field in 2019. It had further success at the Luiperd well the following year, but neither discovery has progressed to development.