TANZANIA STEPS UP
Tanzania plans to present a new natural gas bill to parliament in November, the country's Energy and Minerals Minister said on Monday, as the East African nation steps up efforts formulate a regulatory framework for its fledging oil and gas sector.
Sospeter Muhongo said the government expects to get the final input from various stakeholders on draft legislation in the next few weeks. The legislation, which is expected to pass in the first quarter of 2015, is designed to unlock huge investments in the country's fast-growing natural gas sector.
"The draft natural gas bill is complete and will be presented to parliament in November," Mr. Muhongo said in the ministry's 2014-15 budget report. "Completion of relevant policies and laws will strengthen the supervision of the oil and natural gas sector for the benefit of present and future generations."
Exploration companies have discovered more than 45 trillion cubic feet of natural gas in the past few years, according to analysts, with at least 83% of the discovered reserves in deep-sea offshore blocks. The U.S. Geological Survey estimates that East Africa's coastal region holds up to 441 trillion cubic feet of natural gas.
Norway's largest energy company Statoil, U.K.-based BG Group and Exxon Mobil are planning to build the first liquefied natural gas plant in the country to export natural gas to Asian markets. The plant is expected to cost between $20 billion and $30 billion, according to company officials.
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Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years