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Pavilion Energy buys into Tanzania deepwater with US$1.3 billion Ophir deal

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Report summary

Marking the first deal in Tanzania's proposed LNG project, Pavilion Energy, a Temasek Holdings subsidiary, will pay Ophir Energy US$1.288 billion for a 20% stake in Blocks 1, 3 and 4. Ophir retains 20% in the blocks.The offer is broadly in line with prices paid for equity in neighbouring Mozambique, on a $/mcf basis, and based on our underlying valuation of the deal. Our analysis indicates that the buyer is factoring upside beyond the initial development and resources discovered so ...

What's included

This report contains

  • Document

    Pavilion Energy buys into Tanzania deepwater with US$1.3 billion Ophir deal

    PDF 1.76 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
      • Project delays
      • Competition with Mozambique LNG
      • Partner alignment in a joint development with Block 2
    • Temasek/Pavilion Energy
    • Ophir Energy
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Wood Mackenzie's NPV sensitivities; development scenario, discount rate and LNG price (2013 terms)
  • Pavilion Energy's share of gas production showing upside scenarios
  • Tanzania Blocks 1, 3 and 4

Tables

  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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