🇹🇿🇫🇷 Tanzania's TPDC doubles gas field stake in deal with Maurel & Prom
State-run Tanzania Petroleum Development Corporation (TPDC) has paid $23.6 million to double its shareholding in the Mnazi Bay natural gas field under an agreement with French energy company Maurel & Prom.
The Mnazi Bay gas field, in the Mtwara region of the country's south, has an estimated 641 billion cubic feet of recoverable natural gas reserves and contributes nearly half of the gas used to generate electricity in the East African country.
Mussa Makame, TPDC's managing director, said the company had doubled its ownership in the asset to 40% after acquiring an additional 20% stake from Maurel & Prom.
Initially the field was jointly owned by Maurel & Prom, TPDC and Wentworth Resources. But after Maurel and Prom agreed to acquire Wentworth Resources' 31.9% stake, TPDC exercised its rights to buy a part of the shareholding that belonged to Wentworth.
#Tanzania #France
@africaintel
State-run Tanzania Petroleum Development Corporation (TPDC) has paid $23.6 million to double its shareholding in the Mnazi Bay natural gas field under an agreement with French energy company Maurel & Prom.
The Mnazi Bay gas field, in the Mtwara region of the country's south, has an estimated 641 billion cubic feet of recoverable natural gas reserves and contributes nearly half of the gas used to generate electricity in the East African country.
Mussa Makame, TPDC's managing director, said the company had doubled its ownership in the asset to 40% after acquiring an additional 20% stake from Maurel & Prom.
Initially the field was jointly owned by Maurel & Prom, TPDC and Wentworth Resources. But after Maurel and Prom agreed to acquire Wentworth Resources' 31.9% stake, TPDC exercised its rights to buy a part of the shareholding that belonged to Wentworth.
#Tanzania #France
@africaintel