Tanzania Defers Offshore Oil, Gas Bidding Round Until 2012
11 April 2011 - 7:26PM
Dow Jones News
Tanzania has postponed its fourth deep-offshore bidding round to
2012, state oil company Tanzania Petroleum Development Corp. said
Monday.
The bidding round was to be opened April 12, and was expected to
include 13 blocks sitting between 1,200 meters and 3,500 meters of
water depth.
"The round has been postponed to give more time for
preparations," TPDC said in a statement. "This will include proper
demarcation of new blocks using additional new seismic."
TPDC didn't specify the exact date of the new round.
Currently, Tanzania has licensed 12 deepwater blocks and recent
exploration works have encountered at least 7.5 trillion cubic feet
of natural gas. The country is yet to discover commercial oil
reserves.
Sebastian Shana, TPDC's principal petroleum geologist, said at
least 13 new blocks have been demarcated, including new areas and
relinquished acreage.
Geologists believe that Tanzanian oil and gas exploration areas
share similar geological properties with Uganda's Lake Albertine
Rift basin, where around 1 billion barrels of oil reserves have
been discovered.
Exploration companies already licensed in Tanzania include Royal
Dutch Shell PLC's (RDSB) local subsidiary Shell International, Orca
Exploration Group Inc. (ORC.B.V), Dominion Gas and Oil Ltd., Tullow
Oil PLC (TLW.LN) and Tower Resources PLC (TRP.LN).
-By Nicholas Bariyo, contributing to Dow Jones Newswires;
256-75-2624615 bariyonic@yahoo.co.uk
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