Ophir Confirms Tanzania Gas Assets Stake Sale Reports

Ophir Energy on Thursday confirmed it is looking to sell down its interests in Blocks 1, 3 and 4, Tanzania.

“The company can confirm it has a process ongoing to sell down a part interest in these Blocks but there is no certainty that this process will conclude successfully nor can there be any certainty over the value of any such deal if it were to complete,” it said in a statement.

Indian newspaper Financial Express had reported earlier this week that Ophir was looking to sell stake in its Tanzania gas assets and Indian state owned energy firm GAIL India could buy anywhere between 10% to 30% stake.

Sources told Financial Express that a 10% share in these blocks may be worth $600 million.

Ophir has interests in five blocks with an area of 33,078 sq km in water depths up to 3,000 metres. In Tanzania, Ophir has a 40% interest in blocks 1, 3 & 4, an 80% operating interest in block 7 and a 70% operating interest in East Pande. Blocks 1, 3 and 4 are a joint venture with the BG Group, which holds 60% and operates the block.

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