IPP: Tanzania on threshold to gas economy

After decades of economic stagnation Tanzania seems set to change the economic policy, following the discovery of gas deposits in Lindi and Mtwara regions.

The East African country which is traditionally an agricultural economy has discovered a total of 50 trillion cubic feet of natural gas (TCF) onshore and offshore fields at the Mnazi bay in Mtwara and at the remote Island of Songo Songo in Lindi Region, according to the Petroleum Development Cooperation (TPDC) report ending June 2014.

Economic moguls have estimated that the huge gas deposits will earn the country an income of UDS2.5 billion annually in coming years.

Gas and oil industries sources say the on going exploration exercise of the highly lucrative resource seems exceedingly to be paying off as 18 offshore wells out of 19 drilled so far have shown having abundant gas deposits.
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