Beach Petroleum has signed a production sharing agreement (PSA) with the Tanzanian Government for an oil concession in western Tanzania.
Under the agreement, Beach acquired a 100% interest in the Lake Tanganyika South concession and has the right to explore the Great Rift Valley in western Tanzania.
“The Rift region in Tanzania is hugely prospective, but totally unexplored, dotted with natural oil seeps and oil exploration success in bordering countries such as Uganda,” said Reg Nelson, Beach Energy managing director.
“Companies operating in Uganda, such as Tullow Oil, have estimated there is potential to discover another 1.5 billion barrels in the coming years.”
Tanzanian PSAs are structured into three exploration phases over 11 years.
Beach retains the option to relinquish all of the remaining acreage without further obligation at the end of each phase. An exploration well is required in each of the second and third phases.
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