Australia's Woodside Farms Into Tanzania Block

Woodside Petroleum announced Monday it has finalised an agreement to farm-in to the prospective basin of Lake Tanganyika in western Tanzania.

Beach Energy has accepted Woodside’s offer to acquire a 70% participating interest in the Lake Tanganyika South Block and the respective Production Sharing Agreement, the company said.

“Securing this highly prospective acreage represents another step forward in building Woodside’s global exploration portfolio” Woodside CEO Peter Coleman said.

The proposed work program includes seismic studies, with an option for future drilling and operatorship.

East African countries, especially Tanzania and Mozambique, have seen numerous gas discoveries in recent years. With an aim to exploit these resources for economic benefit, local governments have been encouraging foreign energy companies to invest and bring in technology.