BG Group to invest $500 million in Tanzania gas exploration
Budget & Investment, Headlines Tuesday, February 21st, 2012
British gas and oil firm BG Group plans to step up its presence in gas exploration in east Africa’s second-biggest economy by investing $500 million in Tanzania this year, the government said on Tuesday.
The east African coastline is fast becoming a major gas hub with even bigger discoveries made farther south in Mozambique, and demand appears to be growing, considering how close India is with its rapidly expanding economy.
The BG Group has previously said it expects to see growth from Tanzania, where it has made three gas discoveries off the coast of the country and hopes to develop a floating liquid natural gas plant.
The BG Group this month said appraisal work showed its new discoveries offshore Tanzania contained 3 trillion cubic feet of resources.
Norwegian oil and gas firm Statoil announced on Friday it has found natural gas offshore Tanzania, marking the latest in a series of discoveries on the doorstep of Asia’s fast growing markets.
Tanzania’s natural gas reserves are estimated to have risen to more than 10 trillion cubic feet (tcf) from a previous estimate of 7.5 tcf following major gas discoveries in the country’s deep-water offshore region.
Mozambique, the fastest growing energy player in the region, this month estimated that energy firms will spend $50 billion over the next decade to develop its liquefied natural gas (LNG) industry.
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Posted by Staff Writer
on Feb 21 2012. Filed under Budget & Investment, Headlines.
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