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Ras Al-Khaimah state firm Rak Gas has signed a Production Sharing Agreement (PSA) with the semi-autonomous Zanzibar region of Tanzania. The PSA covers the 11,868km² onshore/offshore Pemba Zanzibar Block and the firm says it “is proud to be the company to enter into Zanzibar’s first ever exploration project.”
What Rak Gas’ 29 October press release omits is that this is merely the latest twist in the firm’s efforts to develop the block. Its history there dates back to December 2010 when it purchased the rights from now-defunct Canadian minnow Antrim. Antrim’s PSA for the block had been signed with the central Tanzania government in 1997 and efforts to explore the asset had been blocked by the regional Zanzibar government resulting in the imposition of force majeure. (CONTINUED - 346 WORDS)