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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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.