Tanzania: British Gas firm to sell stake to Singapore

Tanzania-Schedules-Offshore-Licencing-Round-for-September26 November 2013, Dar es Salaam – UK’s Ophir Energy has agreed a 1.3 billion US dollar sale of a stake in Tanzanian gas fields, bringing in Singapore’s Temasek Holdings to help fund a development project in the latest Asian investment in East Africa’s gas sector.

Ophir said on Saturday it would sell a 20 per cent interest in Tanzanian Blocks 1, 3 and 4 to Pavilion Energy, owned by Singapore state investor Temasek, for an initial $1.25 billion plus a further contingency.

Ophir, whose shares soared 16 per cent after the announcement of the long-awaited deal, said last month a sale process was under way with Indian state-run gas company GAIL in the running as a potential buyer.

The Tanzanian fields that Ophir discovered with its partner BG Group are its prize assets, estimated to hold 15 trillion cubic feet of gas.

— Tanzania Daily News

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