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
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Early 2000s
It started its African business in the early 2000s in Namibia and the Republic of Congo under the name ‘Apex Group’.
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2011
Apex Group set up an office in Dar es Salaam to initiate business activities in the field of offshore natural gas development in Tanzania.
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2012
A consortium of BG Group and Ophir energy discovered a large gas field named Papa in offshore Block 3 in 2012, and Apex Group participated as a strategic investor partner.
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2015
Apex Group changed its name to ‘Oilbi’.
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2019
Oilbi secured 100% operational control of Block 3 by acquiring all the shares the company’s partner, Ophir energy, held in Block 3, and this led to the drafting of a model PSA for Block 2R and Block 3.
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2020
Oilbi commissioned GE and Baker Hughes to perform a preliminary feasibility study and basic design for the LNG plant construction project.
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2025
A Production Sharing Agreement (PSA) between Oilbi and the Tanzanian government is now in its final stage, ready for signing.
Company Objectives
Our main objective is to build an LNG plant in Tanzania through strategic collaboration with leading Korean corporations. This partnership is a core strength that ensures the project’s stability and technical expertise, providing crucial confidence to investors. The robust Production Sharing Agreement(PSA) with the Tanzanian government will provide a stable and secure operational framework.
Vision and Values
Our vision is to become one of the leading LNG producer in East Africa, establishing Tanzania as a vital hub for the region’s energy transition and economic development.
Core Values
- Profitability We are committed to generating a high rate of return for our investors through a stable and highly profitable project
- Sustainability We prioritize environmental stewardship by integrating advanced, eco‑friendly technologies like Carbon Capture & Storage (CCS) to minimize our ecological footprint.
- Social Responsibility We believe in giving back to the community. Our project is designed to create jobs, develop skills, and improve local infrastructure, ensuring benefits are shared with the people of Tanzania.
Corporate Structure
a. Partnership Overview
Oilbi (Tanzania) and Oilbi Korea (Republic of Korea) have established a strategic partnership for the successful development of Oilbi LNG Project named ‘Mvua Kubwa Project’ in Tanzania, with defined roles and mutual responsibilities based on their Project Development Agreement. Both companies are deeply committed to active collaboration, transparent communication, and good faith cooperation throughout all phases ensuring the project’s goals are achieved efficiently and substantially.
b. Oilbi’s Roles and Responsibilities
- Sets the overall strategic direction for the project and leads all negotiations with Tanzanian government authorities and TPDC
- Establishes and manages relationships with key local stakeholders and global energy partners
- Oversees compliance with national regulations and maintains the principal rights under Production Sharing Agreement (PSA)
c. Oilbi Korea’s Roles and Responsibilities
- Develops the project’s Master Plan, including detailed strategies for each phase
- Leads investment attraction, forms consortium, and partners with leading Korean corporations
- Manages public relations, investor relations, and supports financial planning for the project
Executive Leadership
Oilbi Ltd.
Jae Lee
Founder & Chairman
Born in Seoul Korea, in 1952... long‑term dedication to Tanzania’s energy sector provides invaluable local insight and cross‑border connections.
Makongoro Nyerere
Board Member
Born in 1959 in Tanzania... his network strengthens trusted partnerships with authorities, stakeholders and investors.
Julius Nyerere, the Founding Father of Tanzania
A Message from the Chairman
Welcome to Oilbi, At Oilbi, we embark on a transformative journey to position Tanzania as a key player in the future of global energy. Our Mvua Kubwa Project—a fully integrated LNG venture—reflects not just our ambition, but our unwavering belief in the potential of Tanzanian natural gas to create lasting value for our partners, communities, and the global market. For more than two decades, Oilbi has pursued responsible exploration and development in Africa, building trust through integrity, respect, and a commitment to sustainable growth. With 100% natural gas operating rights in offshore Blocks 2R and 3R and proven reserves of approximately 3.5 trillion cubic feet, we are poised to deliver 2.5 million tons of LNG annually, targeting production by early 2030 and an operational horizon of 28 years. Our vision extends beyond project infrastructure... Oilbi will remain a trustworthy partner, upholding transparency and international best practices, and striving to create tangible and enduring returns for stakeholders, the Tanzanian nation, and the wider world.