Beach Petroleum in Tanzania

In 2010, Beach Petroleum entered into a Production Sharing Agreement with the Tanzania Petroleum Development Corporation (TPDC) for the Lake Tanganyika South block. In 2012, Beach Energy Limited commenced a 1,800 kilometre 2D seismic over its Lake Tanganyika South Block.

At the end of August of that year, it was reported that an Australian company exploring for oil on the Tanzanian side of Lake Tanganyika may target potential areas for drilling in six months.

Beach Energy said that the lake had the potential for large discoveries and there were clear signs of a working petroleum system on the Congolese side.

After completion of an initial survey of the block in August 2012, Beach Petroleum declared that their exploration block potentially contained 200 million barrels of oil. =Farm out of Lake Tanganyika Block=

In mid-2014, Beach Energy Limited relinquished (farm-out) 70 percent of its 100 percent working interest in the Lake Tanganyika South Block to Woodside Petroleum Limited subject to the approval of the Tanzania government.

On its part, Woodside Petroleum Ltd declared that it had farmed-in to the 7200sq km Lake Tanganyika South Block.



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