Tanzania launches offshore bid round

Tanzania launches offshore bid round

Tanzania launches offshore bid round

27 October 2013, News Wres – Tanzania is looking to take a stake of up to three quarters in any of eight offshore blocks which will go under the hammer in the country’s latest bid round, according to a report.

The emerging East African energy powerhouse opened its much-anticipated 4 licensing round on Friday that will see seven blocks in the Indian Ocean go up for grabs.

At the launch, Tanzanian President Jakaya Kikwete said: “The production-sharing formula will either be 35% to investors and 65% to the government, or 2% to them and 75% to us,” according to Reuters.

“We will look at the possibility of selling (state-run Tanzania Petroleum Development Corporation)’s shares in production-sharing agreements through (initial public offerings) in the future if we want more Tanzanians to participate in the oil and gas industry,” Kikwete added, according to the news wire.

Tanzania is offering a sextet of deep-water and ultra-deepwater blocks off the country’s east coast as well as the the lacustrine North Lake Tanganyika block.

When the round was revealed back in early September, Tanzania said data packages would be made available in Houston and London following the launch.

– Upstream

About the Author