Ophir Energy has sold Temasek’s Pavilion Energy a $1.3 billion USD stake in three of its offshore Blocks in Tanzania.
Ophir Energy is a British based Oil and Gas company that works primarily in Africa, while Pavilion Energy is owned by Temasek Holdings, a state-owned Singapore investment program.
Blocks 1, 3, and 4 are currently controlled by Ophir Energy and BG Group — which are estimated to contain about 15 trillion cubic feet of gas– at 40% and 60% respectively, but the new deal will divide Ophir’s share in half, giving Pavilion Energy 20%.
Singapore aims to become a gas hub for all of Asia and Hassan Marican, Chairman of Pavilion Energy, remarked that “The natural gas developments in Tanzania hold tremendous potential, not just for Pavilion Energy but for Singapore and Asia.”
Pavilion Energy has a $6.9 billion USD committed capital, and they expect to deliver gas from their new Blocks by 2020.