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

  1. Early 2000s
    Started African business in Namibia and Republic of Congo under the name “Apex Group”.
  2. 2011
    Apex Group set up an office in Dar es Salaam to initiate activities in offshore natural gas development in Tanzania.
  3. 2012
    BG Group & Ophir Energy discovered the Papa field (Block 3); Apex Group joined as a strategic investor partner.
  4. 2015
    Apex Group rebranded to “Oilbi”.
  5. 2019
    Oilbi secured 100% operational control of Block 3; drafted model PSA for Blocks 2R & 3R.
  6. 2020
    Commissioned GE and Baker Hughes for preliminary feasibility and basic design for the LNG plant.
  7. 2025
    PSA between Oilbi and Tanzanian government is in 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 & Values

Our vision is to become one of the leading LNG producers in East Africa, establishing Tanzania as a vital hub for the region’s energy transition and economic development.

Profitability

We are committed to generating a high rate of return for investors through a stable and highly profitable project.

Sustainability

We integrate eco‑friendly technologies like Carbon Capture & Storage (CCS) to minimize environmental impact.

Social Responsibility

We create jobs, develop skills, and improve local infrastructure so benefits are shared with the people of Tanzania.

Corporate Structure

Oilbi (Tanzania) and Oilbi Korea (Republic of Korea) have established a strategic partnership for the successful development of the Oilbi LNG Project “Mvua Kubwa Project” in Tanzania, with defined roles and mutual responsibilities based on the Project Development Agreement.

Oilbi — Roles & Responsibilities

  • Sets overall strategic direction and leads negotiations with government and TPDC.
  • Manages relationships with local stakeholders and global partners.
  • Oversees compliance with national regulations and maintains principal rights under the PSA.

Oilbi Korea — Roles & Responsibilities

  • Develops the Master Plan and detailed phase strategies.
  • Leads investment attraction, forms consortium, and partners with leading Korean corporations.
  • Manages PR/IR and supports financial planning.

Executive Leadership

Jae Lee placeholder portrait

Jae Lee

Founder & Chairman

Decades of business experience in Africa and long‑term dedication to Tanzania’s energy sector provide Oilbi with invaluable local insight and strategic partnerships.

Makongoro Nyerere placeholder portrait

Makongoro Nyerere

Board Member

Prominent public figure in Tanzania; strengthens trusted partnerships with government authorities, stakeholders, and investors.

Jae Gook Yang placeholder portrait

Jae Gook Yang

Representative & CEO, Oilbi Korea

Former diplomat leading corporate structuring and cross‑border business development.

Kim Sung-bin placeholder portrait

Kim Sung‑bin

CMO, Oilbi Korea

Leads marketing and external communications with experience from major Korean enterprises.

Kim Young-ho placeholder portrait

Kim Young‑ho

CSO, Oilbi Korea

Heads cooperative strategy and business planning, with a background in branding and the arts industry.

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. 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.

Jae Lee — Chairman & Founder, Oilbi Ltd.