Tanzania to see upstream consolidation
French independent Maurel & Prom is seeking to expand its Tanzanian portfolio
Euronext-listed Maurel & Prom and AIM-listed independent Wentworth Resources have reached an agreement for the former to acquire all the latter’s shares. Wentworth is recommending its shareholders accept M&P’s offer of 32.5p per share for a deal valued at around £61.7mn ($75.2mn), up from a previous offer made back in September. The two firms are already partners in the Mnazi Bay gas project in Tanzania, where they have an established relationship. M&P is the operator with a 48.06pc stake, Wentworth holds 31.94pc and state-owned Tanzania Petroleum Development Corporation has the remaining 20pc. “Increasing our stake through the acquisition of Wentworth is a logical step and
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources