Tanzania: A new source for the global gas supply
The recent discovery of natural gas in Tanzania is leading to dynamic changes in the country’s economy.
Following the recent discovery of natural gas reserves in Tanzania, the country has become strategically placed on the hydrocarbon map. With an estimated reserve of up to 50.5 trillion cubic feet (TCF), the Government has put in place a number of policies to consolidate the discovery. Under the ‘Big Results Now Initiatives’, a number of public-private partnership strategies have been formed, with US$1.2bn so far spent on gas industry infrastructure.
Previously, hydroelectric power generation had been insufficient for meeting local needs. Natural gas production has brought major reforms to the economy by supporting 36 industries, generating jobs and providing gas for domestic consumption. The demand for natural gas is significantly increasing and new gas reserves are being exploited.
The Government is optimistic that East Africa will become the world’s third-largest exporter of natural gas over the long-term. The International Monetary Fund has projected that it could increase export earnings in the region by more than US$3bn annually.
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Nexia SJ Tanzania
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