BG Group to Farm-in to Blocks 1,3 and 4 Offshore Southern Tanzania
- Business & Finance
BG Group announced that it has received the written consent of the Government of the United Republic of Tanzania to farm-in to blocks 1, 3 and 4 offshore southern Tanzania currently owned solely by Ophir Energy plc (Ophir).
On completion of the farm-in agreements BG Group will acquire 60% of Ophir’s interests in each of the offshore blocks by contributing 85% towards costs which include an initial work programme.
Blocks 1, 3 and 4 offshore Tanzania cover more than 27 000 square kilometres of the Mafia Deep Offshore Basin and northern portion of the Ruvuma Basin, located in water depths ranging from around 100 metres to in excess of 3 000 metres.
Completion of the farm-in agreements is expected in June 2010.
BG Group plc. is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 25 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
Source:Bggroup, May 27, 2010;