About Us
Oilbi at a Glance
Oilbi is a proactive, partner-driven independent energy company focused on developing Tanzania's natural gas resources in a responsible and sustainable way. By doing so, we will continue to drive regional economic growth and support the global energy transition.
Company History: Key Milestones
Started African business in Namibia and the Republic of Congo under the name 'Apex Group'.
Apex Group set up an office in Dar es Salaam to initiate business activities in the field of offshore natural gas development in Tanzania.
A consortium of BG Group and Ophir energy discovered a large gas field named Papa in offshore Block 3, and Apex Group participated as a strategic investor partner.
Apex Group changed its name to 'Oilbi'.
Oilbi secured 100% operational control of Block 3 by acquiring all shares from partner Ophir energy, leading to the drafting of a model PSA for Block 2R and Block 3.
Oilbi commissioned General Electric(GE) and Baker Hughes to perform a preliminary feasibility study and basic design for the LNG plant construction project.
A Production Sharing Agreement(PSA) between Oilbi and Tanzanian government is now in its final stage, ready for signing.
Executive Leadership
Jae Lee
Founder & Chairman
Born in Seoul Korea, in 1952. His decades of business experience in Africa and long-term dedication to Tanzania's energy sector provide Oilbi with invaluable local insight, strong government relationships, and crucial cross-border connections.
Makongoro Nyerere
Board Member
Born in 1959 in Tanzania. He is the eldest son of Julius Nyerere, the Founding President of Tanzania. His family legacy and personal network play a key role in strengthening Oilbi's partnerships with government authorities and local stakeholders.
Oilbi's Gas Blocks
Oilbi holds 100% exploration and operation rights for offshore Blocks 2R and 3R in southeastern Tanzania.
Block 3R (Papa Field)
Proven Reserves (P1)
Approximately 3.5 Tcf of natural gas
LNG Output Potential
70 million tons of LNG (26-27 years at 2.5 million tons per year)
Probable Reserves (P2)
Approximately 18.2 Tcf of natural gas
Block 2R
Probable Reserves (P2)
Approximately 17.8 Tcf of natural gas
Production Sharing Agreement (PSA)
Overview
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.
Key Points
Exclusive Rights
Exclusive exploration and development rights in Blocks 2R and 3R
Royalty
Fixed at globally competitive 7.5%
Cost Recovery
High recovery Capex of up to 75% of total production
International Arbitration
Dispute resolution under ICC rules with foreign exchange freedom
Oilbi LNG Project - Mvua Kubwa Project
The Oilbi LNG Project, named Mvua Kubwa Project (meaning "heavy rain" in Swahili) is a fully integrated liquefied natural gas development with an annual production capacity of 2.5 million tons, targeting initial production by early 2031.
Project Cost
Total estimated cost: USD 3.6 billion
- Construction costs: USD 3.3 billion
- Non-construction costs: USD 300 million
Key Financial Indicators
- Annual Revenue (full capacity): $1.75 billion
- NPV (Net Present Value): $3.5 billion
- IRR (Internal Rate of Return): 20.88%
- Break-even Point: Year 5
Project Location
The plant will be located in Mtwara, a southeastern coastal region of Tanzania, offering direct access to international shipping routes and proximity to growing Asian LNG markets.
Expected Project Timeline
Sign PSA with Tanzanian government and strengthen core project team
Full-scale discussions with KOGAS and major Korean/Foreign partners
Complete Host Government Agreement and secure long-term off-take agreements
Full-scale plant, marine, and sea-bed pipeline construction
Begin commissioning and achieve first LNG production
Partnership and Investor Relations
We are seeking strategic partners to join us in unlocking Tanzania's vast natural gas resources. Our vision is to connect local potential with global opportunity.
Who We Are Looking For
Technology & Expertise
Partners with proven capabilities in natural gas exploration, production, and LNG plant construction.
Market Access
Partners who can provide access to key international markets and distribution networks, particularly in Asia.
Investment
Financial partners who will enable us to secure the capital required for this large-scale project.