Pavilion Energy

 

Pavilion Energy Buys 20% Stake in Three Gas Blocks in Tanzania

14 November 2013

Singapore (Channel NewsAsia)

Temasek Holdings' liquefied natural gas (LNG) unit Pavilion Energy has made a significant investment in Tanzania in East Africa.

It is paying London-listed Ophir Energy US$1.3 billion for a 20 per cent stake in three blocks off Tanzania that host significant gas discoveries.

Ophir Energy will continue to hold a 20 per cent interest while BG Group owns the remaining 60 per cent of the Tanzania 1, 3 and 4 gas blocks. Recent major gas discoveries off the shores of Tanzania are set to position the country as a key LNG exporter.

BG Group is the designated operator of this project and the transaction is scheduled to be completed in the first quarter of 2014.

This is Pavilion Energy's first major investment to build a diversified LNG supply portfolio to meet Asian demand for clean energy.

The company has a committed capital of US$6.9 billion.

The first gas delivery is expected in 2020.

-- CNA/ms

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