Totalenergies divests from South Africa’s offshore gas

French energy giant Totalenergies divested from its offshore gas operations in South Africa due to the lack of a gas market in the country.

There was no South African market to be able to monetize any gas found, said CEO Patrick Pouyanne after the French company reported its third quarter results.

The move by Totalenergies is one in a series of similar divestments by energy giants due to commercial constraints.

Shell ended 120 years of presence in the south African downstream market by exiting the country.

BP announced the sale of its aviation fuel business in South Africa in 2021 due to broader difficulties in the local market.

In the banking sector, HSBC exited South Africa in 2015, transferring its operations to local banks like FirstRand and Absa. The decision was driven by a strategic shift to focus on more profitable regions

BNP Paribas Closed its corporate and investment banking operations in South Africa in 2019. The bank aimed to concentrate on its core markets in Asia and Europe.

In the mining sector, AngloGold Ashanti sold its remaining assets in South Africa in 2020. The company wanted to focus on more profitable operations elsewhere