Gas reserves worth $8bn discovered in Tanzania

Gas reserves worth $8bn discovered in Tanzania

Dubai-based Dodsal Group announced yesterday that it has found 2.7 trillion cubic feet of natural gas reserves in Tanzania, worth an estimated US$8 billion.

The firm said they discovered the natural gas deposits in the Ruvu Basin, located around 30 miles west of Dar es Salaam. Dodsal plans to invest an additional $300 million for exploration and production over the next 24 months.

Rajen A. Kilachand, chairman and president of the Dodsal Group, said: “It is a game changer, this will change the economy of the country.”

He said the find will increase Tanzania’s reserves to more than 57 trillion cubic feet. The majority of the country’s gas reserves are found off its coast.

The group also said the discovery will help remove Tanzania’s fuel import bills and it would stimulate the local economy by providing jobs and increasing competitiveness.

Kilachand anticipates Dodsal to lead the gas to market sector by the first quarter of 2018.

@RGNonline