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Tanzania`s southern coastline has `migrating` oil

Discussion in 'International Forum' started by Ngongo, Apr 27, 2010.

  1. Ngongo

    Ngongo JF-Expert Member

    Apr 27, 2010
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    There is oil beneath the southern coastline of Tanzania, British oil exploration company Tullow has confirmed in London recently, adding that what has been found is “migrating” oil.
    The company’s Vice President for African business Tim O’Hanlon told Bloomberg News on April 1 that Tullow plans to continue exploration in Tanzania after the Likonde-1 well (on the southern coast line) found hydrocarbons but had to be plugged because of high gas pressure.
    “We will evaluate the data, which is positive,” O’Hanlon said. “It shows that there is oil migrating in that area. It’s not a dry hole.”
    In the meantime, the London-based company has said it wants to join hands with other companies to expand its exploration activities in East African. The possible joint venture partners include a Chinese company.
    Tullow Oil Plc, the UK explorer with the most licenses in Africa, may use a tie-up with China National Offshore Oil Corp. and Total SA in Uganda as a testing ground for future exploration on the continent.
    Tullow plans to work with Cnooc and Total to develop oil fields in Uganda. At the same time, the London-based company may extend cooperation with Anadarko Petroleum Corp. in East Africa, O’Hanlon said.
    “All the participants are really thoroughly excited” about Uganda, O’Hanlon said yesterday in an interview in Paris. “That combination, if it works well, you could easily imagine seeing it popping up elsewhere.”
    The UK explorer and its partners may need to invest at least USD10bn in Uganda. O’Hanlon expects the Ugandan government to approve a joint venture, in which each of the partners will have a one-third stake, within weeks. The partnership follows Tullow’s decision to buy assets from Heritage Oil Plc for as much as USD1.5bn, derailing an earlier bid from Eni SpA.
    Anadarko expects to make more finds off the coast of Africa as it explores in Mozambique and Kenya, Frank Patterson, vice president of international exploration, said in March.
    “Anadarko is a great partner in West Africa,” O’Hanlon said, adding, “and what they are doing in East Africa is very courageous and we take our hat off, because people who take those type of risks deserve a bonanza.”
    Besides Uganda, Tullow is also in Ivory Coast where it expects to drill more wells to search for oil. Anadarko and Tullow found water in the South Grand Lahou prospect in the nation’s CI-105 block last year.
    “We are still at the early stages,” O’Hanlon said. “The Ivory Coast has a huge potential.”
  2. Chitu

    Chitu Member

    Apr 27, 2010
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    Why mafuta yetu hapa, press release iwe London na siyo Mtwara...tuwe wakakamavu...kama tunasema semina na mikutano ya serikali iwe kwa kiswahili ni bora pia kwa vitu kama hivi vifanyike hapa hapa Tanzania.
  3. Geza Ulole

    Geza Ulole JF-Expert Member

    Apr 27, 2010
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    cause in London is where they can raise the capital for huge oil refinery investments! Even the Middle East raised the money there! Can Mtwara or Tanzania raise lets say $15 bio.?