Temasek’s Pavilion Energy Agrees to Buy 20% Stake in Tanzania Gas Blocks

Ophir Energy has agreed to sell 20% stake in Tanzanian Blocks 1, 3 and 4 to Temasek’s Pavilion Energy for $1.3 billion.

“This investment in Tanzania Blocks 1, 3 and 4 is a key milestone for Pavilion Energy to build up our LNG portfolio. It supports our plan to secure long-term energy supply at competitive prices to meet the need for clean energy in Asia. This is also important for us as we work to develop an Asian LNG hub,” Energy’s Group CEO, Seah Moon Ming, commented.

The transaction is expected to complete in the first quarter of 2014.

Ophir said that it will remain a significant investor going forward in Tanzania through its continued stake in the Joint Venture and exploration drilling in Block 7 and East Pande.

“Tanzania remains a core part of our portfolio and we will continue to invest further in the country’s growth through our exploration activities,” Ophir’s CEO, Nick Cooper, said.

Ophir holds 40% of Blocks 1, 3 and 4. BG Group operates with 60%.

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