Tanzania natural gas find could reach 200Tcf
Tanzania’s natural gas find could reach 200 trillion cubic feet in the next 24 months as the country continues to receive positive results from the ongoing deep offshore exploration.
According to Tanzania Petroleum Development Corporation (TPDC) director of exploration, production and technical services Dr Emma Msaky the Tachui and Zafarani exploration wells are expected to add up to the current reserves of 46.5 tcf.
“Judging by the past experience we should we should soon expect to have new estimates from the ongoing offshore exploration work,” says Msaky.
The view correlates with an estimated fivefold increase in gas resource by the Ministry of Energy and minerals in Tanzania.
Museveni, Uhuru, Kagame Talk Oil
Ugandan President Yoweri Museveni, Kenya’s Uhuru Kenyatta and Rwandan President Paul Kagame last night held private talks in the capital Kigali over what sources say, was oil in Uganda.
Museveni arrived in Kigali Sunday evening to a guard of honour at Kigali International Airport – to represent Ugandans at the 20th genocide commemoration in solidarity with Rwandans.
President Uhuru Kenyatta of Kenya who is also the current Chairman of the East African Community also arrived in Kigali last evening for the same ceremony.
Museveni later held talks with his East African counterparts, Paul Kagame and Uhuru who paid a courtesy call on him at his suite at Kigali Serena Hotel. Notable absentees were the other Easte African President Jakaya Kikwete of Tanzania and Brundian President Pierre Nkurunziza.
“The talks centered on oil and infrastructure,” a source at the meeting told us last night.
OVL may raise USD 500-700 m to fund Mozambique acquisition
ONGC Videsh Ltd plans to raise USD 500-700 million loan by pledging future crude oil production from its overseas assets, to fund the acquisition of a Mozambique gas field.
OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), teamed up with Oil India Ltd (OIL) to buy Videocon’s 10 percent stake in Mozambique’s Rovuma Area 1 for USD 2.475 billion.
Subsequently, OVL on its own bought another 10 per cent stake in the same field from Anadarko Petroleum Corp of the US for USD 2.64 billion. The 10 per cent stake of Videocon is currently split in 60:40 ratio and total payout for OVL for the back-to-back acquisitions is USD 4.125 billion.
“For the Videocon acquisition, we raised a bridge finance (or short-term loan) of USD 1.5 billion.
Pexco Explorations exits Somalia
Malaysian oil explorer Pexco Explorations East Africa has after eight years in Somalia’s Warder, Geladi and Ferfer blocks terminated exploration works.
The termination follows the expiry of its exploration license in July 2013 that had given it permission to explore and develop hydrocarbon resources in the remote area covering 29,000 sq. km. near the Somalia border.
The license was part of a petroleum sharing agreement between Pexco Exploration East Africa and the ministry of mines signed in October 2013 to prospect the three blocks.
According to Ethiopia’s The Reporter news site during the eight years Pexco Explorations East Africa spent $20 million to carry out an airborne gravity survey of 5,500 km and a magnetic survey of 3,100 km and had identified areas to drill exploration wells.
