Tanzania :Solo Oil agrees farm-out in Ruvuma PSA,

Solo Oil has agreed to farmout a 12.5% net working interest in the Ruvuma Petroleum Sharing Agreement in Tanzania to Aminex. In what is a back-to back agreement, Bowleven will join the Ruvuma PSA joint venture with a 50% net working interest.

Solo will receive from Aminex a total consideration, in the form of a carried work program contribution and production bonus payments, of USD3.625m.

Note :PSA  stands for Production sharing Agreement

Also Read:4 Tips for Local organizations to sell products and services to the oil and gas companies

you may also like to read:7 effective way to make money in Tanzania oil and natural gas industry

Also read:Natural gas does more than producing electricity and cook food