Legal framework securing Oilbi's exclusive rights for gas exploration and development
PSA is a core legal contract between Oilbi Ltd, the Ministry of Energy, and the Tanzania Petroleum Development Corporation(TPDC). This agreement secures Oilbi's exclusive rights for exploration and development of natural gas in offshore Blocks 2R and 3R.
The PSA establishes the legal framework for our operations, defining rights, responsibilities, and revenue sharing between Oilbi and the Tanzanian government.
The PSA is currently in its final stage, pending official signature by all parties. Once signed, it will provide full legal certainty and protection for Oilbi's activities.
Model PSA drafted for Block 2R and Block 3
Ministry of Energy and TPDC review and approval
Final terms and conditions agreed upon
PSA ready for official signature by all parties
Oilbi takes exclusive exploration and development rights in Blocks 2R and 3R for both oil and natural gas.
Fixed at a globally competitive 7.5%
High recovery Capex of up to 75% of total production, reducing investor risk and accelerating quick return on investment
International dispute resolution under ICC rules is guaranteed, with freedom for foreign exchange and remittance.
Long-term contract providing stability for major investment decisions and project development.
Comprehensive legal framework ensuring investor protection and regulatory compliance.