Zanzibar will launch its first licensing round on Wednesday, inviting the participation of international oil and gas exploration and production companies.
The announcement – made by the Ministry of Blue Economy and Fisheries of Zanzibar – follows the completion of the demarcation process for eight offshore blocks.
In a bid to diversify its national economy, Zanzibar is opening up its hydrocarbon sector to foreign investment. As a result, the semi-autonomous region in Tanzania has made efforts to ensure a stable operating environment with good governance, recently enacting a revamped Model Production Sharing Agreement (2024) that aims to improve the terms and conditions for upstream investment.
The official launching ceremony will take place on March 20 at the Golden Tulip Hotel at Zanzibar Airport, with the President of Zanzibar and Chairman of the Revolutionary Council, Dr. Hussein Ali Mwinyi, in attendance.