Petrobras farms out exploration license in Tanzania

5/24/2013

Petrobras farms out exploration license in Tanzania

RIO DE JANEIRO -- Petrobras subsidiary Petrobras Tanzania Ltd. has signed a farm-out agreement for the sale of a 12% working interest in Block 6 license offshore Tanzania to Statoil Tanzania AS.

Block 6 covers 5,549 sq km in the Mafia basin offshore Tanzania, with a water depth of 1,800 m. The consortium of this block currently has Petrobras as the operator, holding a 50% stake, and Shell Deepwater Tanzania B.V., with the remaining 50%. After the farm-out completion, Petrobras will remain as the operator with 38%, Statoil will hold 12%, while the remaining 50% will be held by Shell.

This transaction is subject to approval by the Tanzanian authorities, and will bring into the consortium a company that made significant gas discoveries in the country in 2012 and 2013.

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