An oil and gas industry delegation from the United Kingdom visited Tanzania from the 10th – 11th February 2014 to explore the growing investment opportunities for British businesses in the country.
The aim of the mission was to identify opportunities in the market and strengthen existing or establish new business relationships.
This was a joint trade mission led by Scottish Development International (SDI) and the Energy Industries Council (EIC) and it is the first time they are visiting Tanzania.
SDI and EIC were accompanied by 34 companies representing a cross section of the UK oil and gas industry.
The trade delegation was hosted by the UK Trade and Investment (UKTI) Department at the British High Commission in Dar es Salaam.
Anne MacColl, chief executive of Scottish Development International, the international development arm of Scotland’s enterprise agencies, said: “We always seeking new opportunities for our companies at a global level. With East Africa fast becoming established as a hub of deepwater activity – thanks to exploration and production drilling activities in the offshore in Mozambique and Tanzania – we know that the potential for Scottish oil & gas companies in significant.
Mark Gamble, Overseas Events Manager at the EIC and the EIC Mission Leader said: “Tanzania is certainly one to watch for our members, but neighbouring Mozambique is equally exciting, and is further ahead with the development of its significant gas discoveries. Taking in Uganda and Kenya, the East Africa region has real potential to become a significant hub for oil and gas development.”
Tanzania is a growing market with on-going exciting discoveries, 19 exploration blocks and US $10-20bn investment projected for exploration and production in the coming decade.
UK companies are the leading players in the oil and gas sector in Tanzania. Out of 12 offshore deep water blocks 4 are British operated or owned, with a 50% UK stake in two others.
Over the past two years, exploration activities in Tanzania’s deep offshore waters led to the discovery of 45 trillion cubic feet (tcf) of natural gas, and more is to come as drilling campaigns continue to unfold. It is estimated that the recoverable reserves will more than double to 100 tcf by the year 2015.
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