In November 2013, Temasek (through newly set up Pavilion Energy) bought a 20% interest in Tanzanian Blocks 1,3 and 4 from Ophir Energy. (“Ophir in $1.3 bln deal with Temasek unit for Tanzania gas“)
In August 2014, Ophir reported a US339.1 million after-tax profit reflecting “the gain on sale of a 20 per cent interest in Tanzanian Blocks 1, 3 and 4“. (“Ophir returns to profit on Tanzanian assets sale“)
Ophir’s profit came from Temasek: 100%.
Judging from Ophir’s shares which collapsed very shortly after Temasek inked the deal, no natural gas was found.
The $1.6 billion question: Did Temasek lose its entire investment?
Why no updates? Is S$1.6 billion loose change to MPs who seem to fear mentioning the loss in Parliament?
Temasek appears to have been scammed.