https://en.sputniknews.africa/20240203/tanzanias-tpdc-buys-out-double-of-its-gas-field-share-from-frances-maurel--prom-1064912648.html
Tanzania's TPDC Buys Out Double of Its Gas Field Share From France's Maurel & Prom
Tanzania's TPDC Buys Out Double of Its Gas Field Share From France's Maurel & Prom
Sputnik Africa
Over the past few months, several African countries have decided to nationalize foreign energy enterprises operating on their territories in order to achieve... 03.02.2024, Sputnik Africa
2024-02-03T17:17+0100
2024-02-03T17:17+0100
2024-02-03T17:44+0100
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The state-owned corporation Tanzania Petroleum Development Corporation (TPDC) paid $23.6 million for a 40% stake in the Mnazi Bay natural gas field, the media reported on Saturday.The field reportedly contributes about half of the gas utilized in the East African nation to produce electricity, with an estimated 18.1 billion cubic meters of exploitable natural gas reserves.Initially, the field was jointly owned by Maurel & Prom (48.06%), Wentworth Resources (31.94%) and TPDC (20%). However, after Maurel & Prom agreed to buy Wentworth Resources' stake, TPDC exercised its rights to acquire a portion of Wentworth's share.TPDC and Maurel & Prom also inked a joint operating agreement, granting TPDC authority to make decisions on the development and operation of the gas field, the reports said. This includes the ability to deploy its staff on long-term secondments.A month ago, Gabon also decided to acquire a share in the US-based Assala Energy oil company — but in this case, a 100% stake, Interim Gabonese President Brice Oligui Nguema said. The country's existing shareholder rights in the company allowed it to do so.The president emphasized that such a decision holds "immense national importance" as it allows Gabon to assert its autonomy in the oil industry.
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tanzania, east africa, france, oil, gas, gabon, brice oligui nguema, economy, energy, central africa
tanzania, east africa, france, oil, gas, gabon, brice oligui nguema, economy, energy, central africa
Tanzania's TPDC Buys Out Double of Its Gas Field Share From France's Maurel & Prom
17:17 03.02.2024 (Updated: 17:44 03.02.2024) Over the past few months, several African countries have decided to nationalize foreign energy enterprises operating on their territories in order to achieve greater independence in economic decision-making and extract more profits.
The state-owned corporation
Tanzania Petroleum Development Corporation (TPDC) paid $23.6 million for a 40% stake in the Mnazi Bay natural gas field, the media reported on Saturday.
The field reportedly contributes about half of the gas utilized in the
East African nation to produce electricity, with an estimated 18.1 billion cubic meters of exploitable natural gas reserves.
Initially, the field was jointly owned by Maurel & Prom (48.06%), Wentworth Resources (31.94%) and TPDC (20%). However, after Maurel & Prom agreed to buy Wentworth Resources' stake, TPDC exercised its rights to acquire a portion of Wentworth's share.
"With this agreement, TPDC has refunded Maurel & Prom its purchasing costs equivalent to the value of 20% shares initially owned by Wentworth," Mussa Makame, TPDC's managing director, reportedly said in a televised signing ceremony.
TPDC and Maurel & Prom also inked a joint operating agreement, granting TPDC authority to make decisions on the development and operation of the
gas field, the reports said. This includes the ability to deploy its staff on long-term secondments.
A month ago, Gabon also
decided to acquire a share in the US-based Assala Energy oil company — but in this case, a 100% stake, Interim Gabonese President Brice Oligui Nguema said. The country's existing shareholder rights in the company allowed it to do so.
The president emphasized that such a decision holds "immense national importance" as it allows Gabon to assert its autonomy in the oil industry.
