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Mittal backed Ophir strikes gas off the coast of Tanzania

Last Updated: Tuesday, March 27, 2012 - 08:58

London: India's steel tycoon Lakshmi Mittal-backed oil company Ophir Energy has struck gas off the coast of Tanzania, UK media has reported.

According to the Evening Standard, Shares in Ophir - of which Mittal Investments owns 14 percent - rocketed 16 percent, valuing the tycoon's stake at 235 million pounds.

Ophir is exploring the region in partnership with BG the former exploration arm of British Gas.

It is the fourth gas find for the partnership and the biggest in Ophir's history.

The discovery at the Jodari-1 well has an estimated 3.4 trillion cubic feet of recoverable gas - more than 150 percent of the 2.2 trillion originally estimated, the report said.

Nick Cooper, chief executive of Ophir, said: "These results are important for the future development of Tanzanian offshore industry and for the Ophir-BG partnership."

He described it as a "very strong start" for the five-well drilling campaign in the area. BG owns 60 percent of the partnership with Ophir in Jodari-1, which is 1150 metres underwater.


First Published: Tuesday, March 27, 2012 - 08:58
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