Is Tanzania ousting Kenya as East Africa's powerhouse?

Is Tanzania ousting Kenya as East Africa's powerhouse?

Nyie mmegundua 600million barrels of oil mmepiga kelele hadi dunia nzima imejua,while our gase deposits is equivalent to 12bn barrels of oil yaani ni mara mbili hata ya ile ya Uganda na bado tumetulia tu tunapiga hatua kimyakimya.
Uko kwa ndoto eti 600....tunaongelea 1.5b kupanda sasa.tafuta sukari mwanzo na uache kkunya stegi.
 
Uko kwa ndoto eti 600....tunaongelea 1.5b kupanda sasa.tafuta sukari mwanzo na uache kkunya stegi.

usipanic....relax!na sio vibaya kama ukanipa evidence ya hizo 1.5bn barrels unazosema.
 
Mmmmh... Interesting, interesting...wish I gave a damn.
haterrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr! at list the figures made u shut up as most of Kenyans kept making noises about that 600 mln barrels of oil in lokichar! Bad news the main stakeholder is running bankrupt!

Tullow Oil cuts spending, suspends dividends
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An oil rig at Ngamia 1 in Turkana County, Kenya. Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects. PHOTO | FILE | NATION MEDIA GROUP

By HALIMA ABDALLAH

Posted Saturday, June 4 2016 at 12:21
In Summary

  • Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects.
  • The report to shareholders highlights tough measures taken by the firm “to address the new market reality of the sharp reduction in oil prices that started mid-2014 and has continued ever since.”
  • Tullow is listed on the London, Irish and Ghanaian Stock Exchanges. The reduction in oil prices came at a time that Tullow had incurred heavy capital expenditure for the TEN multinational $5 billion project, which is expected to produce its first oil in August.






Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects.

The company also sent a number of staff into redundancy in a bid to stay afloat in a tough year for the oil industry, its annual report for 2015 reveals.

The report to shareholders highlights tough measures taken by the firm “to address the new market reality of the sharp reduction in oil prices that started mid-2014 and has continued ever since.”

“There has been a relentless focus on cost control during 2015,” said Tullow chairman Simon R Thompson. “Exploration expenditure was cut to $256 million (from $799 million in 2014) while capital expenditure was limited to key projects, such as TEN in Ghana, which will generate strong future cash flow even at low oil prices.”

Aidan Heavy, the Tullow CEO, said that they noticed in early 2014 that the industry was changing: The rise of the US shale industry and the cost of both development and deep water exploration challenged existing models.

While the firm paid $0.4 as dividend per share in 2014, no dividend was paid to shareholders in 2015 on account of a net loss of $1,037 million for that year down from $1,640 million paid in 2014 after taxes.

For the Kenya operations, “Good progress continues to be made on development planning in Kenya,” Tullow said in the report.

Tough times

Tullow is listed on the London, Irish and Ghanaian Stock Exchanges. The reduction in oil prices came at a time that Tullow had incurred heavy capital expenditure for the TEN multinational $5 billion project, which is expected to produce its first oil in August.

“The restructuring of the business has not been achieved without sacrifice. Shareholders have seen their dividend suspended and many respected and valued members of staff have been made redundant while many of those who remained have seen their responsibilities and workload increase,” said Tullow chairman Mr Thompson.

These measures were intended to build resilience in the face of falling oil prices in the last quarter of 2014. By mid-2014 crude oil prices had peaked at $115 per barrel, averaging $52 a barrel before falling further to below $30 a barrel by January 2016.

“During one of the most difficult periods ever for the global oil and gas industry, these financial numbers do not do justice to a year of hard work and solid achievement by your company,” said Mr Heavy.

Overall, 2014/2015 was a difficult year as companies reduced capital expenditures with exploration budgets being the worst hit. According to a Wood Mackenzie report issued in August 2015, close to 46 major development projects had been deferred.

Tullow Oil cuts spending, suspends dividends
 
haterrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr! at list the figures made u shut up as most of Kenyans kept making noises about that 600 mln barrels of oil in lokichar! Bad news the main stakeholder is running bankrupt!

Tullow Oil cuts spending, suspends dividends
ico_plus.png
Share
ico_bookmark.png
Bookmark
ico_print.png
Print Rating

oil.jpg

An oil rig at Ngamia 1 in Turkana County, Kenya. Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects. PHOTO | FILE | NATION MEDIA GROUP

By HALIMA ABDALLAH

Posted Saturday, June 4 2016 at 12:21
In Summary

  • Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects.
  • The report to shareholders highlights tough measures taken by the firm “to address the new market reality of the sharp reduction in oil prices that started mid-2014 and has continued ever since.”
  • Tullow is listed on the London, Irish and Ghanaian Stock Exchanges. The reduction in oil prices came at a time that Tullow had incurred heavy capital expenditure for the TEN multinational $5 billion project, which is expected to produce its first oil in August.






Tullow Oil has suspended payments of dividends to its shareholders, slashed funding for new exploration and limited capital expenditure to key projects.

The company also sent a number of staff into redundancy in a bid to stay afloat in a tough year for the oil industry, its annual report for 2015 reveals.

The report to shareholders highlights tough measures taken by the firm “to address the new market reality of the sharp reduction in oil prices that started mid-2014 and has continued ever since.”

“There has been a relentless focus on cost control during 2015,” said Tullow chairman Simon R Thompson. “Exploration expenditure was cut to $256 million (from $799 million in 2014) while capital expenditure was limited to key projects, such as TEN in Ghana, which will generate strong future cash flow even at low oil prices.”

Aidan Heavy, the Tullow CEO, said that they noticed in early 2014 that the industry was changing: The rise of the US shale industry and the cost of both development and deep water exploration challenged existing models.

While the firm paid $0.4 as dividend per share in 2014, no dividend was paid to shareholders in 2015 on account of a net loss of $1,037 million for that year down from $1,640 million paid in 2014 after taxes.

For the Kenya operations, “Good progress continues to be made on development planning in Kenya,” Tullow said in the report.

Tough times

Tullow is listed on the London, Irish and Ghanaian Stock Exchanges. The reduction in oil prices came at a time that Tullow had incurred heavy capital expenditure for the TEN multinational $5 billion project, which is expected to produce its first oil in August.

“The restructuring of the business has not been achieved without sacrifice. Shareholders have seen their dividend suspended and many respected and valued members of staff have been made redundant while many of those who remained have seen their responsibilities and workload increase,” said Tullow chairman Mr Thompson.

These measures were intended to build resilience in the face of falling oil prices in the last quarter of 2014. By mid-2014 crude oil prices had peaked at $115 per barrel, averaging $52 a barrel before falling further to below $30 a barrel by January 2016.

“During one of the most difficult periods ever for the global oil and gas industry, these financial numbers do not do justice to a year of hard work and solid achievement by your company,” said Mr Heavy.

Overall, 2014/2015 was a difficult year as companies reduced capital expenditures with exploration budgets being the worst hit. According to a Wood Mackenzie report issued in August 2015, close to 46 major development projects had been deferred.

Tullow Oil cuts spending, suspends dividends
Why hate a gas that l don't breathe... It does not support my life.. Stop consoling yourself with such petty talk.
 
Why hate a gas that l don't breathe... It does not support my life.. Stop consoling yourself with such petty talk.
Its u n ur Kenyan siblings were belittling gas reserves in Tanzania, now Xplorer made u understand the true wealthy of Tanzania's confirmed gas reserves, u pretend to not care! idiot acha wivu!
 
Me nadhani exploration companies ziachane na mambo ya mafuta kwa huko Tzn hayana dili kwa kesho, wakomae na gas tu mpaka tuwapate mozambique
 
Its u n ur Kenyan siblings were belittling gas reserves in Tanzania, now Xplorer made u understand the true wealthy of Tanzania's confirmed gas reserves, u pretend to not care! idiot acha wivu!
Woi Geza.... Wivu tena. I have told you time and again there is nothing in Tz to be jealous about.
 
Woi Geza.... Wivu tena. I have told you time and again there is nothing in Tz to be jealous about.


kama una akili timamu hizi 57tcf gases deposits zingekufanya uwe jealous,achilia mbali hili bomba la mafuta ya uganda ambalo litakuwa linapitisha 200,000 barrels of oil per day wakati tunawatoza $12.2 per barrel kama unajua hesabu lazima utaona wivu kwa kuwa kila mwaka tutakuwa tunaweka mfukoni karibia $1bn kiulainiiiiiiiiiii......

alafu ukumbuke hicho kiwanda chenu ambacho hata sijui mtatumia source gani ya hydrocarbons huku kwetu tunateleza tu na gas yetu as the main source of hydrocarbons,kwa maana nyingine ni kwamba tarajia mbolea yetu kuuzwa bei rahisi sana kuliko hiyo yenu,mtarajie pia kuwa wateja wetu watiiifu wa mbolea kwa miaka mingi ijayo pamoja na hiko kiwanda chenu.
 
kama una akili timamu hizi 57tcf gases deposits zingekufanya uwe jealous,achilia mbali hili bomba la mafuta ya uganda ambalo litakuwa linapitisha 200,000 barrels of oil per day wakati tunawatoza $12.2 per barrel kama unajua hesabu lazima utaona wivu kwa kuwa kila mwaka tutakuwa tunaweka mfukoni karibia $1bn kiulainiiiiiiiiiii......

alafu ukumbuke hicho kiwanda chenu ambacho hata sijui mtatumia source gani ya hydrocarbons huku kwetu tunateleza tu na gas yetu as the main source of hydrocarbons,kwa maana nyingine ni kwamba tarajia mbolea yetu kuuzwa bei rahisi sana kuliko hiyo yenu,mtarajie pia kuwa wateja wetu watiiifu wa mbolea kwa miaka mingi ijayo pamoja na hiko kiwanda chenu.
Nisha kujibu.
 
China bank in new ‘big projects’ pledge



In Summary
Ms Zhang Shuo, the banks’s deputy director, said Tuesday the Chinese financial institution would provide necessary support to the fifth phase government’s economic transformation plans.



By By Musita John @TheCitizenTz
Dar es Salaam. China Exim Bank has pledged to support ‘big projects’ that the new government will undertake in the envisaged industrialisation drive.

Ms Zhang Shuo, the banks’s deputy director, said Tuesday the Chinese financial institution would provide necessary support to the fifth phase government’s economic transformation plans.

It will also back efforts to ensure Tanzania increases employment opportunities by 40 per cent, Ms Shuo at a meeting with Foreign Affairs permanent secretary, Dr Aziz Mlima.

She said: “The bank is ready to cooperate with Tanzania in implementing big projects, including the construction of the standard gauge central railway line.”

Exim Bank approved funds to implement development projects like the construction of Mpigaduri Port in Zanzibar and 400KVA electricity power line from Dar es Salaam-Chalinze to Arusha.

She said her trip was to assess the areas of cooperation and meet key stakeholders. She noted that she had been satisfied, and would ensure agreed projects would be funded without delay.

“Exim bank has set aside a special fund to support industrial development in Africa. This is in line with the Chinese President Xi Jinping’s pledge to African leaders in in 2015,” she said.

China cheered African heads of state with a $60 billion promise to be pumped into development projects, cancelling of some debt and boosting of agriculture under a three-year plan.

For more news get your copy of The Citizen read online through www.epaper.mcl.co.tz

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safari hii tunawapeleka mchakamchaka mwanzo hadi mwisho,ile dhana ya kutuita "slow-movers" in the region lazma iwatokee puani.

"when you see a small snake come out of a hole know that her mother is behind" hapa ukianza kuona Exim ameanza these kind of talks know that big moneys is on the way.Magufuli ametoa 1trillion kuanza ujenzi wa SGR na alipokuwa anazitoa akasema yeye anaanza huku akiwa na uhakika kuwa kabla hajafika Chalinze moneys will be flowing from everywhere!!everyone ll want to partner on this project na ndio kinachotokea.
 
The race to become East Africa's biggest port
  • 7 June 2016
  • From the section Africa
_86160101_istock_000054747512_large.jpg

Image copyrightISTOCK
Image caption Tanznia is hoping to develop Bagamoyo into one of the largest ports in sub-Saharan Africa
Kenya and Tanzania have long competed to have the most important port in East Africa and their rivalry is about to become more intense as they compete for the region's business, writes Neil Ford.

The Kenyan port of Mombasa and Tanzania's Dar es Salaam port are the traditional competitors but the Kenyan government is now planning a huge new port at Lamu, while Tanzania is developing Bagamoyo.

Both ports will be larger than any other port in sub-Saharan Africa if completed as planned. They will also be at the centre of much bigger developments, with industrial zones being laid out and intensive farming being proposed.

The Tanzanian authorities hope Bagamoyo will handle 20 million containers a year, that is 25 times larger than the port at Dar es Salaam. Kenya's planned Lamu port is expected to be just as big.

However, these are the proposed, long term figures, which will be achieved over decades rather than years. Construction will take place in phases as and when required.

The scale of the initial phases has not been determined but will be much more modest.

_89895794_gettyimages-140219124.jpg

Image copyrightAFP
Image caption Kenya's Lamu port will be built near Lamu island
One hurdle that is delaying the development of both projects is the question of compensation. In the case of Bagamoyo, 2,000 people have lost their homes or farmland to the project and associated industrial zone.

The Tanzanian government says that it will pay a total of $20.9m (£14.4m). But the figure would be much higher if there was a plan to enlarge the Dar es Salaam port as it is already surrounded by urban development and has limited room for expansion.

Apart from serving their own domestic markets, the Tanzanian and Kenyan ports will also be competing for a wider prize, the business from the landlocked countries of East Africa.

They could handle containers travelling to and from Uganda, Rwanda, Burundi, South Sudan, Ethiopia, eastern Democratic Republic of Congo and parts of Zambia.

Lamu and Bagamoyo have been little used as ports for about a century but at one point they were rivals in East Africa's slave trade.

_89895799_gettyimages-485379942.jpg

Image copyrightAFP
Image captionThe port at Bagamoyo is planned to handle 25 times the number of containers as Dar es Salaam
Indeed, the name Bagamoyo derives from a Swahili phrase meaning lay down your heart, or give up hope, suggesting that slaves taken there had no hope of escape.

But with the revamped ports they could become better known for helping develop the region rather than bleeding it dry of its human resources.

Construction work on Bagamoyo is to begin before the end of this year, once financing is put in place by China Merchant Holding International and the State General Reserve Fund, which is an Omani sovereign wealth fund.

Preliminary work has already begun on Lamu, although funding is still being finalised.

New life is also being injected into the Tanzanian port of Tanga. The government managed to persuade Uganda to route its planned oil export line through Tanzania to Tanga, rather than through Lamu.

In addition, a new railway could run parallel to the pipeline connecting with ferry services on Lake Victoria.

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Media captionTanzania's bid to overtake Kenya
Tanzania won the fight over the pipeline because it was offering the cheaper option and, probably, also because any line to Lamu was seen as being vulnerable to attack from the Somalia-based Islamist al-Shabab group.

A big difference between the two countries approaches is the fact that Kenya has stuck with state ownership.

The Kenya Ports Authority continues to own and manage most of Mombasa, while Dar es Salaam container terminal is operated by Tanzania International Container Terminal Services, an offshoot of Hong Kong's Hutchison Whampoa.

_89900318_kenya_tanzania_rail_map624.png

Similarly, Bagamoyo will be operated by China Merchant Holdings, a sign of how the country has moved away from the principles of African socialism, as espoused by the country's founding father Julius Nyerere.

Lamu is being developed by the China Communications Construction Company but the Kenya Ports Authority will still be in control.

Railway developments
The two countries are also looking at boosting their rail infrastructure.

Mombasa and Dar es Salaam are connected to the rest of the region via long distance railways. A colonial-era line runs from Mombasa to the Kenyan capital, Nairobi, and on to the Ugandan capital, Kampala.

_89897651_gettyimages-140231677.jpg

Image copyrightAFP
Image captionSome residents of Lamu have complained about the impact the new port will have on their lives
It was nicknamed the Lunatic Express because of the problems involved in building it across difficult terrain filled with hostile wildlife. A new, more modern railway is now under construction from Mombasa to Nairobi with Chinese funding.

For its part, Dar es Salaam is connected to Lake Victoria and Lake Tanganyika, also by colonial-period railways.

In addition, the Tanzania-Zambia Railway was built in the 1970s by the Chinese government to help Zambia export its copper through Dar es Salaam. This allowed it to bypass the ports of apartheid South Africa or colonial-era Mozambique.

New railways from Lamu to South Sudan and Ethiopia are planned, while funding is currently being sought for a new line from Rwanda and Burundi to either Dar es Salaam or Bagamoyo.

Bagamoyo lies just 75km (47 miles) north of Dar es Salaam, so it should be relatively easy to connect the new port to the country's main rail lines.

Tanzania appears to be winning projects in the face of Kenyan competition because of lower costs and because, as with the Uganda oil pipeline, any railway or pipeline out of Lamu could be vulnerable to attack by Somali militants.

But the competition is not over and the rivalry could serve to boost the business prospects for the whole region.

The race to become East Africa's biggest port - BBC News

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One funny thing I cannot stomach is how Tz is always planning on being better than Kenya while Kenya plans to be a globally competitive country.
Where did you lose focus??
It's such a pity. #SMH.
 
One funny thing I cannot stomach is how Tz is always planning on being better than Kenya while Kenya plans to be a globally competitive country.
Where did you lose focus??
It's such a pity. #SMH.
globally competitive ur foot defeat hunger first!
 
One funny thing I cannot stomach is how Tz is always planning on being better than Kenya while Kenya plans to be a globally competitive country.
Where did you lose focus??
It's such a pity. #SMH.

hiyo dunia mnayoshindana nayo ndio Tanzania sasa!na kama unafikiri sisi tunashindana na nyie mjue mnajidanganya, kwa taarifa yako tu nikupe mfano mdogo juzi JPM alikuwa anazindua ujenzi wa Maktaba kubwa kuliko zote Africa...Je unafikiri hapo tunashindana na nyie?
 
hiyo dunia mnayoshindana nayo ndio Tanzania sasa!na kama unafikiri sisi tunashindana na nyie mjue mnajidanganya, kwa taarifa yako tu nikupe mfano mdogo juzi JPM alikuwa anazindua ujenzi wa Maktaba kubwa kuliko zote Africa...Je unafikiri hapo tunashindana na nyie?
Hehe...you have the largest library in Africa...but we have the best library in Africa,international standards. And it's not an institutional facility like yours. Its a public library..
So please,tell me something I don't know,I'll tell you what I do know.
 
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