Australian oil and gas
company, Woodside Petroleum Limited, has finalized an agreement with
Tanzania Beach Energy to farm-in to the prospective basin in western
Tanzania.
According
to reports, Woodside will purchase a 70% participating interest in the
Lake Tanganyika South Block from Beach Energy along with its Production
Sharing Agreement.
In a recently released statement,
Peter Coleman, Woodside CEO, indicated that the farm-in would help
Woodside expand its footprint in the region.
“Securing this highly prospective
acreage represents another step forward in building Woodside’s global
exploration portfolio,” he said.
While the agreement remains subject to
government and regulatory approvals, the proposed work program would
include seismic studies and, while Beach Energy will remain operator
during the next stage of seismic operations, Woodside will have the
future option for drilling and operatorship.
Beach Energy Managing Director, Reg
Nelson, indicated in a released statement that the agreement is in line
with the company’s strategy of getting in early to prospective areas,
and proving the potential of those areas.
“Bringing a world class operator into
this area such as Woodside will not only ensure Beach is carried to the
next phase of exploration, but will also define initial drilling
prospects as a result of the further seismic work that will be
undertaken,” said Mr. Nelson.
Woodside Petroleum is Australia’s
largest independent oil and gas company with a reported net profit after
tax of USD 1,749 million in 2013. |
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