08 December 2013, Dar es Salaam – THE government is satisfied with the investment of Singapore’s Pavilion Energy that has just acquired 20 per cent interest in offshore blocks 1, 3 and 4 belonging to Ophir Energy.
The Permanent Secretary in the Ministry of Energy and Minerals, Ephraim Maswi said this when he met with the delegations from Ophir Energy and Pavilion Energy, which is a wholly owned subsidiary of Singapore based Temasek Holdings.
The PS told the delegation that exploration and production activities of the discovered gas in deep waters were challenging and this investment was a testament to the quality of Tanzanian resources and the attractiveness of Tanzania as an investment destination.
“This transaction is an important milestone in the evolution of planned development of the country’s offshore gas resources and brings in a strong and well financed partner alongside Ophir Energy Plc and the operator BG Group.”
He reaffirmed the government’s commitment in working with Pavilion Energy alongside the existing partners as the development of the gas resource.
He said that the new move will lead to the government receiving proceeds from tax in accordance with the income tax laws of the country.
On his part, Pavilion Energy’s Group CEO, Seah Moon Ming expressed gratitude in the manner in which the government had supported the project.
“We are committed to working together with Ophir Energy, BG Group and the Tanzanian authorities to realize our shared goal of producing first gas as soon as possible,” he said.
Ophir’s CEO, Dr Nick Cooper said Pavilion Energy represents a positive addition to the joint venture as it progresses through into the development phase and it is a high quality endorsement of Tanzania’s first LNG development.
“Tanzania remains a core part of our portfolio and we will continue to invest further in the country’s growth through our exploration activities, as evidenced by the current drilling of the Ophir operated Mlinzi Mbali-1 well in Block 7,” he said.
– Tanzania Daily News