03:08 PM EDT, 07/02/2024 (MT Newswires) -- TotalEnergies (TTE) plans to give up the license for its gas condensate discoveries off South Africa to concentrate on other exploration sites closer to Namibia, Bloomberg reported Tuesday, citing people familiar with the matter.

South Africa's small gas market has spurred doubt whether the complex Block 11B/12B deep-water finds can be commercially viable, the report said.

The company plans to focus on exploring the Orange Basin, located near promising oil discoveries in Namibian waters, according to the report.

TotalEnergies declined to comment, Bloomberg said.

Africa Energy, a joint venture partner in the offshore blocks, said Monday in a statement it was advised TotalEnergies' South Africa unit "is currently reviewing its options" related to its 45% interest in Block 11B/12B.

TotalEnergies didn't immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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