Statoil, Exxon Make Third ‘High-Impact’ Gas Find Off Tanzania

[Geza Ulole]

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Statoil, Exxon Make Third ‘High-Impact' Gas Find Off Tanzania

By Mikael Holter - Mar 18, 2013
Statoil ASA (STL), Norway's largest energy producer, reported a third "high-impact" natural-gas find off Tanzania and increased its resource estimate for the block to as much as 17 trillion cubic feet.
The Tangawizi-1 discovery, which contains as much as 6 trillion cubic feet of gas, was made at a depth of 2,300 meters (7,500 feet), 10 kilometers (6 miles) from Stavanger-based Statoil and partner Exxon Mobil Corp. (XOM)'s Zafarani and Lavani finds, the company said today in a statement.
"Recoverable gas volumes in the range of 10-13 TCF brings further robustness to a future decision on a potential LNG project," Tim Dodson, Statoil's executive vice president for exploration, said in the statement.
Recoverable volumes now exceed the range of 8 trillion to 10 trillion cubic feet that Dodson in June said was necessary to export liquefied natural gas from Tanzania. A commercial development is "very likely," Statoil's Chief Financial Officer Torgrim Reitan said in February after the company updated its recoverable-resource estimate for the block to 9 trillion cubic feet.
The new discovery is the fourth in Block 2 in a year and the third "high-impact" find, defined as holding more than 250 million barrels of oil equivalent or 100 million barrels net to Statoil. Statoil operates the license with a 65 percent stake, while Exxon holds 35 percent.
To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
Statoil, Exxon Make Third

 

[Koba]

Good news lakini kwa akili za Serikali yetu ya vihiyo nchi haitafaidika na mgawo wa umeme utandelea kama kawaida na watakaofaidi ni wallstreet.

 

[wehoodie]

I believe if the government set good strategies this gas will be a game changer in Tanzanian economy as it has been for other countries. However, our lack of think tank, devoted leaders and true long term ambitions to development will see the benefits of this non renewable resource accrue to the foreign companies and privately to our greedy leaders who will have nothing in their legacy but die corrupt with thick bank balance in switzerland offshore accounts.

Let's hope someone somewhere will think of the bigger picture and not being selfish for little cash.