Zanzibar is set to inaugurate its first-ever licensing round on Wednesday, inviting international oil and gas companies to participate in exploration and production activities.
The announcement, made by the Ministry of Blue Economy and Fisheries of Zanzibar, comes after the demarcation of eight offshore blocks in the region.
Seeking to diversify its economy, Zanzibar aims to attract foreign investment into its hydrocarbon sector. To facilitate this, the semi-autonomous region has implemented a revamped Model Production Sharing Agreement (2024), ensuring favorable terms and conditions for upstream investment.
The official launch ceremony is scheduled for 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, expected to attend.
