Australia's oil and gas exploration company Beach Energy Limited reported Wednesday that it has been advised by Woodside Energy (Tanzania) Limited that it has decided not to enter into the next period of the exploration program relating to the Lake Tanganyika South Production Sharing Agreement (LTS PSA) in Tanzania.
Beach has preserved its right to proceed into the next exploration period under the LTS PSA and has notified the Tanzanian regulator of its position in this regard. Beach is currently assessing all options for the Lake Tanganyika South Block.
Following Woodside’s decision, Beach Petroleum (Tanzania) Limited will retain 100 percent of the LTS PSA and remain operator.
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