Petrobras farms out in Tanzania Exploration License

Petrobras farms out in Tanzania Exploration License

Petrobras announces that its wholly owned subsidiary Petrobras Tanzania Ltd. has signed a farm-out agreement for the sale of 12% working interest in Block 6 licence offshore Tanzania to Statoil Tanzania AS.
Block 6 covers 5,549 square kilometres in the Mafia basin offshore Tanzania, with a water depth of 1,800 metres. The consortium of this block currently have Petrobras as the operator, holding 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 Tanzanian authorities and will bring into the consortium a company that has made significant gas discoveries in the country in 2012 and 2013.
Source: Source: petrobras.com.br
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