Dubai-based Dodsal Group has said it has plans to invest an additional $300 million (Tsh.660 billion) in Tanzania over the next 24 months to support gas exploration and production.
A statement issued by the firm indicates that Dodsal Group has made a major natural gas discovery in Tanzania, in the Ruvu Basin near Dar es Salaam which is estimated to contain over 2.7 trillion cu ft (TCF) of natural gas deposits with a value of $8 billion to 11 $billion at current market prices.
According to the statement the company described the find as Tanzania’s biggest onshore gas discovery, saying it would boost the nation’s total estimated recoverable natural gas reserves to more than 57 TCF. Most of Tanzania’s gas discoveries have so far been made in deep-sea offshore blocks.
“In addition, a third Dodsal well at Mbuyu in Tanzania has found a large gas column which is estimated to contain up to 5.9 TCF of gas, and that studies of the deposit were underway,” part of the statement read.
Dr. Rajen Kilachand Chairman and President of the Dodsal Group said he discovery of natural gas reserves in Tanzania further strengthens their commitment to the nation to be a partner in the country’s all-round socio-economic progress.
“Tanzania has tremendous potential in the hydrocarbon sector. When efficiently leveraged, this will bring incremental economic growth by assuring timely and ready supply of clean energy and we are fully committed to supporting the nation in this journey, underlined by the nine years of natural gas exploration that we have been undertaking,” he said.
He said as a socially responsible organization, their focus is to bring in added value across all aspects of our operation and supporting Tanzania in stimulating the local economy, creating new jobs for the Tanzanian youth.
Adding that the significant discovery of natural gas in close proximity to Dar es Salaam will boost the economy and strengthen its all-round competitiveness.
East Africa Business Week.