Wentworth expands Tanzania asset base
AIM-listed independent continues to target country’s domestic gas market
Tanzania-focused Wentworth Resources will acquire fellow AIM-listed independent Scirocco Energy’s 25pc non-operated working interest in the East African country’s Ruvuma asset for an initial $3mn and up to $13mn in contingent payments. The Ruvuma production-sharing agreement includes the 1.9tn ft³ (53.8bn m³) Ntorya gas discovery, which is adjacent to Wentworth’s existing Mnazi Bay gas development and around 39km from the government-operated Madimba gas plant. The firm intends to use its cash resources for the acquisition. The new joint venture partners plan to drill the Chikumbi-1 appraisal well late this year or early next. Assuming success there, FID is targeted for 2023, with the first g
Also in this section
13 May 2024
OPEC+ has huge amounts of spare capacity amid a tightening market, but nothing can be taken for granted given unclear economic trajectories and geopolitical unrest
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
10 May 2024
The US’ contentious LNG permitting pause has prompted criticism from CEOs and wildly differing interpretations from politicians
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix