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Orca Energy is listed in Canada and its primary asset is a natural gas field in Tanzania, which is governed by a production sharing agreement (PSA) with Tanzania Petroleum Development Corporation (TPDC), the national oil company.
The PSA divides the gas reserves as ‘protected’ and ‘additional’. The company operates the wells and gas processing plant for the protected volumes on a ‘no gain/no loss’ basis - but can earn on volumes in excess of that. The PSA also mandates provisions on further revenue sharing arrangements based on daily volumes, cost recoveries, and taxes payable.
Gross proved plus probable reserves were certified by independent valuers at 229.5 Bcf (billion cubic feet). At 2020 production volumes of 19.4 Bcf, the company roughly has 12 years of reserves left.
The company generates 62% of revenues from the power sector and the balance from the industrial sector.
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