“Beach Energy has accepted Woodside’s offer to acquire a 70 per cent participating interest in Lake Tanganyika's South Block and the respective Production Sharing Agreement,” a statement from the company read.
Woodside is Australia's independent dedicated oil and gas company and among the leaders in producing liquefied natural gas in the world.
Beach acquired the South Block in June 2010 after winning the gazettal round for the region. The company’s international team identified oil seeps on Lake Tanganyika, the world's longest freshwater lake and the potential for similar geological characteristics to those of Lake Albert.
Beach Energy, an established oil and gas exploration and production company is based in south Australia and had 100 per cent of the under-explored block, that had limited 2D seismic recorded prior to its involvement.
"Woodside is looking to undertake seismic studies with an option for future drilling and operatorship in the basin once the Tanzania government and Woodside reach an agreement and get regulatory approvals."
According to Peter Coleman, CEO at Woodside, the opportunity of acquiring a large domain footprint in an underexplored oil prone basin is a step further for the company’s expansion strategy and an exciting opportunity.
The firm’s universal portfolio includes interests in Myanmar, Ireland, New Zealand, Peru, the Republic of Korea, the Canary Islands, Canada and Timor-Leste. To support exploration activities, Woodside opened offices in these countries.