Australian LNG player Woodside has decided not to enter into the next period of the exploration program relating to the Lake Tanganyika South production sharing agreement in Tanzania.
“Beach has preserved its right to proceed into the next exploration period under the LTS PSA and has notified the Tanzanian regulator of its position in this regard ,” Beach Energy, Woodside’s partner in the joint venture, said in a statement on Wednesday.
The company is currently assessing all options for the Lake Tanganyika South Block.
Following Woodside’s decision, Beach Petroleum (Tanzania) Limited will retain 100% of the LTS PSA and remain operator.
Image: Beach Energy