Pavilion set to join offshore Tanzania gas partnership

Offshore staff

LONDON – Ophir Energy has agreed to farm out a 20% interest in three blocks offshore Tanzania to Singapore-based Pavilion Energy.

Blocks 1, 3, and 4, operated by BG Group, all contain deepwater gas discoveries. Maximum consideration of the proposed transaction, which is subject to approvals, is $1.288 billion.

The partners look to make a final investment decision on atwo-train LNG project in Tanzania in 2016.

Pavilion, a subsidiary of Singapore investment company Temasek, can provide access to gas markets in Asia including Singapore.

Ophir will remain in the joint venture and will also continue offshore exploration drilling on block 7 and the East Pande license.

11/15/2013