Tanzania Gas Reserves grow beyond Statoil Estimate

The Discovery of Natural Gas in Tanzania expand to new levels as the estimated recoverable reserves will more than double by 2015 from the 40 trillion cubic feet already discovered by oil and gas corporations including Statoil.

Statoil revealed that drilling on new blocks may produce “high-impact” finds in 2013, which translates to discovered reserves equivalent to 250 million barrels of oil or more.

This takes place as the country lays itself to permit more exploration blocks to oil and gas interests in the region, an important step toward natural gas development in Tanzania.

Tanzania Energy and Minerals Minister Sospeter Muhongo said “We have enormous amounts of gas. We are now at 40 tcf and I’m sure in the next two years we should be at more than a 100 tcf.”

Statoil raised recoverable resource estimates to 13 tcf for discovery in Tanzania’s Block 2 early this year which to set in progress a 14 billion USD liquefied natural gas plant partnered with Britain’s BG Group, that will transform the East African emerging economy into a major exporter of energy to Asian markets.

Statoil is Norway’s biggest energy company and has established itself in Tanzania since 2007, being part of significant finds such as the Zafarani and Lavani discoveries in 2012.

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