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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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.