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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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.