PERTH, Australia -- Woodside has finalized an agreement to farm-in to the Lake Tanganyika basin in western Tanzania.
Beach Energy has agreed to shed 70% of its interest in the mainly offshore Lake Tanganyika South Block and the respective production sharing agreement.
Woodside CEO Peter Coleman said this was an opportunity to secure a large acreage footprint in an under-explored, oil-prone frontier basin.
The proposed work program includes seismic studies, with an option for future drilling and operatorship. The agreement is pending government and regulatory approvals.