Tanzania’s Ministry of Energy has approved the transfer of a 74% interest in the Tanga block from independent oil and gas company Afren to Octant Energy.
The decision places Octant Energy as the block’s operator with a 74% interest, while oilfield services company Petrodel holds the remaining 26% stake. Both parties are now set to enter the final three-year licensing period, leveraging cutting-edge technology to reprocess 3D seismic initially acquired in 2013.
“Petrodel had been a first mover in Tanzania and was awarded Tanga, Latham and Kimbiji exploration licences under competitive tender. We farmed out an interest to Afren and so we are delighted with what is a most positive and significant development, and we look forward to working with our partner Octant in realizing Tanga’s significant potential,” said Michael J. Prest, Founder and Chief Executive of Petrodel.