Tanzania Approves Assignment of Afren’s Former Interest to Octant - Africa’s premier report on the oil, gas and energy landscape.

Tanzania Approves Assignment of Afren’s Former Interest to Octant

Tanzania’s Minister of Energy has approved the assignment of 74% interest in the Tanga block from Afren Tanzania Ltd. to Octant Energy Tanzania Ltd., in accordance with Section 86(2) of the Petroleum Act 2015.

The parties Petrodel (26%) and Octant (the operator – 74%) can now move into the final three-year period in which they plan to reprocess the 3D seismic survey of Tanga acquired in 2013.

“The Tanga block is optimally located as it includes a deep basin with a very thick sedimentary section that has the potential to host several source rock intervals and reservoir/seal pairings”, Petrodel says in a release. “Potential petroleum plays recognised to date are Lower Cretaceous sands deposited in deltaic to shallow marine environments, Upper Cretaceous submarine fans, Eocene shelf sands and Miocene fluvial and deltaic sands”, the company explains. “Both structural and stratigraphic traps have been identified by previous mapping campaigns”.

Oil seeps and shows encountered in previous wells drilled on the nearby Pemba Island attest to the oil potential of the block and surrounding area.  Previous interpretations have indicated the likely presence of several giant (>100 MMB) prospects within the Tanga block.

“Petrodel had been a first mover in Tanzania and was awarded Tanga, Latham & Kimbiji exploration licences under competitive tender”, remarks Michael J Prest, the company’s Founder and Chief Executive. “We farmed out an interest to Afren (now defunct) and so we are delighted with what is a most positive and significant development and we look forward to working with our partner Octant in realising Tanga’s significant potential.”

Petrodel was awarded Tanga, Kimbiji and Latham licenses in Tanzania in 2006. Tanzania is home to sub-Saharan Africa’s third largest gas resources, with reserves estimated at 57.5Trillion cubic feet.

 

 

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