Tanzania Oil And Gas News
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Introduction
- Exploration and production of petroleum is governed by the Petroleum [Exploration and Production] Act of 1980. Petroleum exploration activities started in the country since early 1950s when BP drilled a number of wells along the coast and in the island of Zanzibar and Mafia.
- Although no liquid hydrocarbons have been discovered, three gas fields have so far been discovered which are Songo Songo, Mnazi Bay and Mkuranga gas fields.
- Tanzania Petroleum Development Corporation [TPDC] is responsible on behalf of the Government to oversee the development of petroleum exploration and production activities in the country. Currently there are 14 exploration companies operating in the country.
- Tanzania is likely to see a massive increase in activity in the sector over the next few years. The IMF made the following comment in January 2012:
- Tanzania’s prospects of becoming a major producer of natural gas by the end of the decade appear good. There could be large foreign direct investment inflows over the next five years, and a substantial increase in exports and government revenue beginning around 2020.
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page revision: 4, last edited: 25 Apr 2012 14:06