Petroleum Africa
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Monday, October 28, 2013
Ophir Energy is looking to sell off a stake of its assets in Tanzania and is well into the process to farm down its assets. An Indian media report said Ophir was in talks to sell stakes in the Tanzanian fields to the Indian state-run gas company GAIL, although GAIL declined to comment on the matter.
If the intended buyer is indeed GAIL, the company would join other Indian firms who have recently farmed into East Africa’s recent natural gas bonanza, specifically Anadarko’s Area 1 offshore Mozambique.
Whoever the potential buyer is will gain access to Ophir and BG’s substantial natural gas discoveries. The discoveries made so far by the partners is estimated at 15 Tcf.
The development of the LNG facilities required to exploit the fields will cost an estimated $10 billion, which is enough to give Ophir the impetus to bring a big-money partner. “There is no certainty that this process will conclude successfully, nor can there be any certainty over the value of any such deal,” Ophir said in a statement on October 24.
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