About Us - Oilbi

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 Milestone

• In the early 2000s

It started its African business in the early 2000s in Namibia and the Republic of Congo under the name 'Apex Group'.

• 2011

Apex Group set up an office in Dar es Salaam to initiate business activities in the field of offshore gas natural gas development in Tanzania

* 이미지 2

• 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

* 이미지 3, 이미지 4

• 2015

Apex Group changed its name to 'Oilbi'

• 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.

• 2020

Oilbi commissioned General Electric(GE) and Baker Hughes to perform a preliminary feasibility study and basic design for the LNG plant construction project.

• 2025

A Production Sharing Agreement(PSA) between Oilbi and 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

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

We are driven by three principles : Profitability, Sustainability, and Social Responsibility

•

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. Oilbi Korea

Oilbi Korea is the official project partner and operating entity of Oilbi, responsible for driving Oilbi's LNG development initiative in Korea and globally, and is empowered by Oilbi to negotiate, manage, and develop the LNG project through a robust legal framework and strategic cooperation.

b. Relationship between Oilbi and Oilbi Korea

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.

c. Oilbi's Roles and Responsibilities

•

Sets the overall strategic direction for the project and leads all negotiations with Tanzanian government authorities and TPDC(Tanzanian Petroleum Development Corporation)

•

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)

d. 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

Jae Lee

Founder & Chairman

Born in Seoul Korea, in 1952. After graduating from high school in Korea moved to the United States. In his 40s, engaged in diamond business in South Africa together with Maurice Tempelsman, a famous Jewish jeweler from Belgium. In his 50s expanded his business scope to oil and gas sector, in Namibia and Republic of Congo. Since 2011, his interest and passion have been dedicated to Tanzanian energy sector. His decades of business experience in Africa and long-term dedication to Tanzania's energy sector provide Oilbi with invaluable local insight, strong government relationships, and crucial cross-border connections. These qualities accelerate project negotiations and secure strategic partnerships in Tanzania.

Makongoro Nyerere

Board Member

Born in 1959 in Tanzania, He is the eldest son of Julius Nyerere, the Founding President of Tanzania, regarded as the "Father of the Nation". Following in his father's footsteps, he has maintained a prominent public presence in Tanzania as a politician, retired army officer, and respected figure in business and civil society. As a longtime friend of Jae Lee, Founder & Chairman of Oilbi and also his family legacy and personal network play a key role in strengthening Oilbi's building trusted partnerships with government authorities, local stakeholders, and investors. His role ensures Oilbi aligns with local priorities and advances stable project development in Tanzania.

Oilbi Korea

Jae Gook Yang

Representative and CEO/Board member of Oilbi Ltd.

Born in 1961, in Korea. Former diplomat. Joined Foreign Ministry in 1991(passed the diplomatic civil service exam). Served in various posts abroad, in Italy, Jordan, Egypt, Argentina, Brazil, Japan and Slovakia. He leads corporate structuring and cross-border business development for Oilbi. His international experience enable Oilbi to build effective global partnerships and navigate complex project development.

Kim Sung-bin

CMO/Board member of Oilbikorea Ltd.

Kim Sung-bin, Born in 1966, is a graduate of Hankuk University of Foreign Studies and has various experience working at Samsung Group. He currently serves as Chief Marketing Officer(CMO), responsible for leading marketing activities and external communications.

Kim Young-ho

CSO/Board member of Oilbikorea Ltd.

Kim Young-ho, born in 1965, is a graduate of Seoul National University and has built his career in the fields of advertising, branding, and performing art industry. At Oilbi Korea, he holds the position of Chief Strategy Officer(CSO), responsible for cooperative strategy and business planning.

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 decade, 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. We believe in the power of partnership, especially the strategic synergies between Tanzania and Korea. By combining local strength and regional knowledge with the technological and financial expertise of global and Korean corporations, we aim to build a robust foundation for continued innovation and shared prosperity.

Sustainability is at the heart of our approach. We are dedicated to building an environmentally responsible LNG ecosystem, integrating advanced Carbon Capture & Storage (CCS) technologies, and adhering to the highest ESG standards-all while ensuring economic and social benefits for local communities.

As we enter a new era of cooperation, our promise is clear: 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.

Thank you for joining us on this journey.

Jae Lee

Chairman & Founder