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Norwegian Oil Company Discovers Tanzania Offshore Gas

October 20, 2014
1 minute read

Norway-based Statoil ASA (STO) has announced the discovery of an additional 1.2 trillion cubic feet of Tanzania offshore gas in the block 2 area that is shares with its partner ExxonMobil (XOM), which brings its total volume to approximately 216 million barrels of oil equivalent.

According to Nick Maden, Senior Vice President of Statoil’s Western Hemisphere activities, the company has seen significant success in Tanzania.

“This discovery has proven the gas play extends into the western part of block 2, which opens additional prospects,” he said, “Opening up a new area will be key to continuing our successful multi-well program.”

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On behalf of the Tanzania Petroleum Development Corporation (TPDC), Statoil operates and holds a 65% stake in the block 2 license, with ExxonMobil holding the remaining 35% stake.

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Want to know more about investing in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers the economy, key sectors and investment opportunities. The complete 141-page edition, which includes policies, taxation, key regulations, full macroeconomic data and sources, is also available at no cost upon completion of a short form.

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