Ophir Confirms Intention to Sell Some of Its Acreage Offshore Mozambique

After several news sources reported that Ophir Energy, an oil and gas exploration company focused on Africa, is in talks to divest its stake in offshore blocks in Tanzania, the operator has issued a statement in support of these reports.

Ophir said it noted the media speculation that  it was exploring an opportunity to sell down its stakes in Blocks 1, 3 and 4, Tanzania.

 “The Company can confirm it has a process ongoing to sell down a part interest in these Blocks but there is no certainty that this process will conclude successfully nor can there be any certainty over the value of any such deal if it were to complete. The Company will update the market further on this process as appropriate.”

According to Business Standard, India’s GAIL  is a potential buyer.  Also, The Financial Express quoted unnamed sources which said that GAIL could pay as much as $600 million for a 10 per cent share in Ophir’s blocks in Tazania.

Ophir has five blocks in Tanzania. Two operated blocks; Block 7 (acquired in the Dominion Petroleum acquisition) and East Pande, and three non-operated blocks; Blocks 1, 3 and 4 which form the BG Joint Venture. Ophir is the largest net acreage holder offshore Tanzania.

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Offshore Energy Today Staff, October 24, 2013