Business
Orca Energy Group Inc. announces arbitrations against the United Republic of Tanzania and Tanzania Petroleum Development Corporation over US$1.2 billion Project
TORTOLA, British Virgin Islands, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (ȁ...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"Orca Energy Group Inc. announces arbitrations against the United Republic of Tanzania and Tanzania Petroleum Development Corporation over US$1.2 billion Project\n\n\n\n TORTOLA, British Virgin Islands, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“\n \n Orca\n \n ” or the “\n \n Company\n \n ” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces that:\n \n\n\n its subsidiary, Pan African Energy Corporation (Mauritius) (“\n \n PAEM\n \n ”), submitted a Request for Arbitration to the International Centre for Settlement of Investment Disputes (“\n \n ICSID\n \n ”), an arm of the World Bank, against the United Republic of Tanzania (“\n \n Tanzania\n \n ”) for various breaches by Tanzania of the investment protections provisions of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the Government of the United Republic of Tanzania (the “\n \n BIT\n \n ”); and\n \n\n its subsidiary, PanAfrican Energy Tanzania Limited (Jersey) (“\n \n PAET\n \n ”), submitted two separate Requests for Arbitration to ICSID against Tanzania and Tanzania Petroleum Development Corporation (“\n \n TPDC\n \n ”), a petroleum corporation owned and controlled by Tanzania, for breaches of:\n \n\n the Production Sharing Agreement between the Government of Tanzania (the “\n \n GoT\n \n ”), TPDC, and PAET dated October 11, 2001 (the \"\n \n PSA\n \n \"); and\n \n\n the Gas Agreement between the GoT, TPDC, Songas Limited (\"\n \n Songas\n \n \") and PAET dated October 11, 2001 (the \"\n \n GA\n \n \").\n \n\n\n\n\n\n\n The three claims (the “\n \n Claims\n \n ”) arise out of a series of actions and omissions by Tanzania and TPDC that threaten the viability of the Songo Songo Gas-to-Electricity Project (the “\n \n Project\n \n ”) and breach multiple obligations under the BIT, the PSA and the GA. These breaches include:\n \n\n\n\n\n Failing to extend the Songo Songo Development Licence (the “Licence”):\n \n\n In April 2023, PAET formally requested that TPDC apply for an extension of the Licence, which is set to expire on 10 October 2026. TPDC is contractually required to make such application upo...