- Hydrocarbon exploration activity by majors intensifies in Southern Africa
- Aziza Project holds $100 million interest in Namibia
- Plans to offer crypto tokens – Aziza Coins – to raise $60 million
Oil majors are still a-goggle at the huge gas reserves discovered in Mozambique and Tanzania over the past decade. The 160 trillion cubic feet (TCF) of recoverable gas in the Rovuma Offshore Basin of Mozambique is on par with Nigeria’s 180 TCF and Algeria’s 160 TCF. The 57 TCF reserve in Tanzania’s Mafia Deep Basin, though not quite as big, is substantial enough to merit investment. As a result, Africa has definitely gotten its fair share of attention, and some of the largest players in the oil industry – ExxonMobil, Royal Dutch Shell, British Petroleum – are acquiring assets and stepping up exploration activities (http://nnw.fm/qG58k). The Aziza Project plans to do the same. It is hosting a tokenized investment fund to invest in oil and gas businesses operating in Southern Africa. The project owns one-fifth of Africa New Energies (ANE), which has concessions from the government of Namibia to explore for hydrocarbons onshore. Based on a recent unsolicited offer, Aziza Project’s 20 percent stake is worth about $100 million. To start ANE’s drilling program, the project is out to raise $60 million through the sale of Aziza Coins, an asset-backed security token compliant with the ethereum blockchain ERC20 standard.
In the hydrocarbon universe, Southern Africa is a relatively unexplored region. As such, its geology remains largely unknown. That was the case for East Africa not so long ago, but the mammoth discoveries of natural gas in Tanzania are an indication that large reserves of…
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