Ophir Energy has applied to
the government of Tanzania to take over 60% interest and operatorship of
the Block 3 license from BG Group, bringing its total stake in the
block to 80%.
Along
with its partner, Pavilion Energy, who now holds the remaining 20%,
Ophir Energy has renewed its commitment to moving into the next phase on
Block 3.
“Ophir is the most active explorer in
Tanzania in 2014,” said Nick Cooper, CEO of Ophir, “We are also pleased
to re-assume operatorship of Block 3 to explore the potential of further
upside.”
While still subject to government
approval, Ophir Energy will take over operatorship of Block 3 this month
and will make no payment to BG Group as a result of taking over the
stake.
According to reports, after a series
of production downgrades earlier this year, BG Group has been under
pressure to reduce costs and reshape its asset portfolio |
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