Woodside Petroleum Limited (ASX:WPL) has finalised a deal to farm-in to the prospective basin of Lake Tanganyika in western Tanzania. The oil and gas producer says Beach Energy Limited
(ASX:BPT) has accepted its offer to acquire a 70 per cent participating interest in the Lake Tanganyika South Block and respective Production Sharing Agreement.
While the commercial terms have not been disclosed Woodside believes the farm in provides the company with an opportunity to secure a large acreage footprint in an exciting and underexplored oil prone frontier basin.
CEO Peter Coleman says securing the acreage represents another step forward in building Woodside’s global exploration portfolio.
Subject to government and regulatory approvals the proposed work programs includes seismic studies with an option for future drilling and operatorship.
Woodside Petroleum reported a net profit of more than $2 billion in the full 2013 calendar year.
