An oil and gas development and energy company led by Nigerian multimillionaire businessman Michael Prest, has announced plans to restart operations in Tanzania.
As part of this strategic shift, Petrodel will invest about $80 million to meet its first well commitments in Tanga, and a total of $20 million to complete final and additional seismic work in both Kimbiji and Latham to bring the fields into production.
According to Prest, the current global demand and supply deficit, combined with positive investment sentiments emanating from Tanzania’s new pro-reform government, make critical the further development of its interests in Tanzania.
“I believe President Samia Hassan’s stable investment platform is a good omen for both Tanzania and Petrodel,” Prest said. “We look forward to working with the government to make these opportunities a reality.”
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