Tanzania To Create Sovereign Wealth Fund – President Jakaya Kikwete

[Kiranga]

Tanzania To Create Sovereign Wealth Fund – President Jakaya KikweteTanzania To Create Sovereign Wealth Fund – President Jakaya Kikwete - Ventures Africa

VENTURES AFRICA – Tanzanian President, Jakaya Kikwete, has announced his government's intention to establish a sovereign wealth fund (SWF) to protect Tanzania's future gas production revenues. In June, ExxonMobil, Statoil, BG Group and Ophir Energy, made large gas discoveries in the southern parts of the east African nation, leaving its estimated recoverable gas reserves at 28.9 trillion cubic feet.

According to a Reuters report, President Kikwete said: "Since 1954, some 61 wells have been drilled. Out of those, natural gas was found in 22 wells … We haven't been lucky yet to find oil but we have discovered gas in both onshore and offshore areas."
"Offshore oil and gas exploration started in 2004 with just one company but we now have 18 companies. Gas exploration has escalated since the first gas discovery in 2010 … I believe that a lot more gas will be discovered," the President added.

Tanzania is not the first African country to consider the SWF fence ringing option for energy revenue. In 2011, Ghana established an Act creating two SWFs, while its west African counterpart, Nigeria, plans to inaugurate its $600 million Eurobond by December.
The increase in Tanzania's gas reserves would contribute to a boost in power generation and the construction of fertilizer plants in the country.

According to the World Bank, Tanzania's gas exports could contribute an additional $3 billion to its foreign revenue.
Tanzania is east Africa's second-largest economy, and has a population of 43 million people.

 

[The Boss]

Is this the best way?

 

[Honolulu]

[h=1]Ophir Energy makes another gas discovery in Tanzania[/h] 2 August 2012 | 09:07am
StockMarketWire.com - Ophir Energy has announced that at the Papa-1 well it has made the first Cretaceous gas discovery outboard of the Rufiji Delta in Block 3, offshore Tanzania and is the sixth consecutive discovery by Ophir offshore Tanzania.

Papa-1 is located 53km south east of the earlier Pweza-1 discovery. The well was spudded at the end of May in 2186m of water and was drilled by the drillship "Deep Sea Metro 1" to a total depth of 5544m subsea in 57 days.

It represents the first exploration test of Upper Cretaceous Intraslope play outboard of the Rufiji Delta and the first well to be drilled in Block 3. The well was designed to evaluate sandstones of Campanian and Albian age within the structural Papa prospect.

The discovery further de-risks the deeper, Upper Cretaceous Intraslope play in Tanzania.

Nick Cooper, CEO of Ophir said: "Papa-1 was the sixth well, and sixth consecutive discovery, for the Ophir-BG Joint Venture offshore Tanzania. The Papa discovery reaffirms the potential repeatability of the Intraslope Play and ability to aggregate substantial gas volumes across Blocks 1,3,4.

"The two most recent wells in Tanzania were designed to test the deeper-lying prospectivity of the Cretaceous Intraslope play. The Mzia-1 success in May 2012 confirmed for the first time the prospectivity in the Upper Cretaceous sequences outboard of the Rovuma Delta.

"The Papa-1 success now confirms similar Upper Cretaceous prospectivity outboard of the Rufiji Delta and represents the first discovery in Block 3. While recoverable resources are likely to be lower than pre-drill estimates, this very encouraging discovery is expected to lead to substantial additional resources from this new Upper Cretaceous play.

"The next drilling on Blocks 1,3,4 will focus on adding further resource around the Jodari discovery to form a potential hub for the LNG development.

"Separately, Ophir has received preliminary products from the recently recorded Block 1 3D seismic survey that is targeting the Rovuma Delta Basin Floor Fan play. Interpretation work is commencing to determine whether the area contains features potentially comparable to those discovered in the adjacent play offshore Mozambique.

"Ophir has transformed its resource base with the four discoveries across our assets in the first half of 2012. We anticipate two further well results from Equatorial Guinea by early September."

At 9:07am: (LON:OPHR) share price was -52.25p at 530.25p


Story provided by StockMarketWire.com

 

[Father of All]

Hiyo si neema ya watanzania bali mafisadi wa kitanzania na mabwana zao waitwao wawekezaji. Ingekuwa neema tusingekuwa na mgao wa umeme wala kusambaziana umaskini huku wezi wachache wenye madaraka wakitanua nje na kuficha mabilioni huko.

 

[Father of All]

Kikwete is looking for a pretext to steal more money from public coffers. He he knows what he means he'd have started with protecting the current resources such as tanzanite gold and other investments.

Just like his predecessor Benjamin Mkapa, Kikwete has been entering bogus contracts with investors to the extent that Tanzanians are becoming beggars in their resource-filled country.

If Kikwete knows what he says he'd have started by clipping his unnecessary-and-joyride-trips abroad. He'd not even stand infront of people to defend a freebooter like Andrew Chenge and others, he'd not have been dishing our money out to Lowassa paying his as a retired PM whilst he actually is but a fired PM.

 

[kookolikoo]

Hiyo si neema ya
watanzania bali mafisadi wa kitanzania na mabwana zao waitwao
wawekezaji. Ingekuwa neema tusingekuwa na mgao wa umeme wala
kusambaziana umaskini huku wezi wachache wenye madaraka wakitanua nje na
kuficha mabilioni huko.

hapo ndipo umuhimu wa kuwa na sera madhubuti kwenye sekta ya gesi unapoonekana. tusirudie makosa tuliyofanya kwenye sekta ya madini ambapo tanzania imekuwa kama shamba la bibi!

 

[Lambardi]

Natamani kuona na naisubiri sana siku tutakapopata rais ambae atafumua mikataba yoote ya madini na umeme ili tuanze upya kwa manufaa ya taifa kwa ujumla!