• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 20 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This Stealthy Energy Hotspot Just Upped Its Reserves 20%

You won't hear a lot about it in the mainstream press. But one place on Earth is quietly becoming a go-to destination for oil and gas developers globally.

East Africa.

A lot of attention of late has focused on the other side of this continent. With observers closely watching high-impact drilling in places like Namibia and Ghana.

But even without the limelight, East Africa's petroleum potential has been growing steadily.

The rising upside here was underscored by news last week from the government of Mozambique. A nation that's shaping up as a leader in East Africa's natural gas sector.

The country's President, Armando Guebuza, announced last week that natgas reserves here have seen another substantial increase. Noting that projections for total reserves in the key Rovuma Basin have now risen to 200 billion cubic feet (Bcf). Up nearly 20% from the previous estimate of 170 Bcf.

The President delivered the news in a speech to the 2nd Mozambique Geology Congress--the type of industry gathering that is becoming more and more common in this part of the world. In a place that even a few years ago was completely off the radar for petroleum exploration.

That's changed in a major way of late though. Today, operators in Mozambique include a who's who of the global oil and gas sector: Anadarko, India's ONGC, Mitsui, PTTEP, Eni, CNPC and Kogas.

The interesting theme amongst those names is the Asia angle. With firms from around the Indian Ocean sphere seeming to have taken a particular interest in the natgas potential of Mozambique.

That profile has been echoed in nearby Tanzania as well. With big Asian investors like Singapore sovereign wealth fund Temasek recently buying into natural gas projects here.

Quietly, this is shaping up to be a lot of investment. In a region most Western companies still aren't thinking about.

Probably time to start.

ADVERTISEMENT

Here's to going east young man,

Dave Forest


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News