Mubadala Development has acquired a stake in an oil exploration block in Tanzania, The National reports. The investment was made by the Abu Dhabi state investment firm’s energy unit Mubadala Oil & Gas.
A fifth of the oil block stake was sold by U.K. oil exploration company Dominion Petroleum. Mubadala will pay $20 million for the stake and up to $3 million of the costs of a seismic program set to start in 2011.
Click here for the story from The National.
