Independent Australian oil and gas explorer and producer Bounty Oil and Gas (ASX:BUY), announced that it intends to withdraw from the Kiliwani North and Nyuni area Production Sharing Agreement (PSA) joint ventures in Tanzania.
Located in the Nyuni block off the coast of Tanzania, Kiliwani North gas field has 45 BCF of certified reserves.
Production began in 2016 following the completion of gas processing and transportation infrastructure on Songo Songo island in 2015.
Bounty has a 10% interest Kiliwani North Development Bounty and a 5% interest in the Nyuni PSA.
In a statement issued on 5th October 2018, the company indicated that it will continue its focus towards Australian oil and gas production.