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Which Banks Are The Biggest Backers Of Oil And Gas?

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Tanzania Look to the UAE for Investment in their Natural Gas Fields

Back in February Statoil of Norway announced that it had found natural gas deposits off the coast of Tanzania, and in May British Gas and Ophir Energy discovered more gas reservoirs in the waters off Tanzania.

This has led the aid-dependent nation to hand out both offshore and onshore oil and gas exploration licences to 18 international energy companies. The latest region to be targeted by offers of exploration licences  is the UAE.

President Jakaya Kikwete met with a delegation from the UAE, led by the assistant foreign minister for economic affairs, Khaled Ghanem Al-Ghaith, and told them that “we invite investors to come work with us in oil and gas exploration... and even in investing in industries that will add more value by producing gas-related products.”

The World Bank estimates that revenues from natural gas production will generate $2-3 billion a year for the East African nation.

The Tanzanian government has already started preparing for its natural gas industry by agreeing a $1 billion loan with China in order to build a 532km pipeline from the south to the commercial capital Dar es Salaam in the East.

By. Joao Peixe of Oilprice.com



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