Swala Needs FCC Approval to Complete Farm-out of Tanzanian Blocks to Tata

Swala Energy Limited (Swala or the Company) disclosed Wednesday that its subsidiary company Swala Oil and Gas (Tanzania) Plc (SOGTP) has received a no objection notice from the Tanzanian Ministry of Energy and Mines to the farm-out of 50 percent of its interests in the Kilosa-Kilombero and Pangani licenses in central and northern Tanzania, respectively to India's Tata Petrodyne Limited (TPL).

With the receipt of consents from the Tanzanian Petroleum Development Corporation, the Tanzanian Revenue Authority and now from the Ministry of Energy and Mines, the Company is awaiting only the consent of the Fair Competition Commission (FCC). The Company shall update the market once this final consent is received.

Dr. David Mestres Ridge, Swala CEO, said: "The rapid approval by the Tanzanian regulators to the farm-out of the SOGTP licenses illustrates their desire to encourage activity in this important economic sector. We are confident that the FCC consent shall be received soon, which shall allow TPL to join the license joint venture ahead of the planned drilling campaign.”

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours