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Friday, May 24, 2013
Brazil’s state-run firm Petrobras reported that its subsidiary in Tanzania, Petrobras Tanzania Ltd., has farmed down its stake in Tanzania’s Block 6. The company signed a farm-out agreement for the sale of a 12% working interest in the block to Statoil Tanzania AS.
Block 6 covers 5,549 sq km in the Mafia Basin offshore Tanzania, with a water depth of 1,800 meters.
The consortium of this block currently has Petrobras as the operator, holding a 50% stake, and Shell Deepwater Tanzania B.V., with the remaining 50%. After the farm-out completion, Petrobras will remain as the operator with 38%, Statoil will hold 12%, while the remaining 50% will be held by Shell.
This transaction is subject to approval by the Tanzanian authorities and will bring into the consortium a company that made significant gas discoveries in the country in 2012 and 2013. Statoil, partnered with ExxonMobil, made a number of discoveries offshore Tanzania on Block 2.
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