A former Chief Executive Officer of Ghana’s National Oil Company (GNPC) Mr Alex Mould is incensed by the country’s government’s plans to re-negotiate all ‘take-or-pay’ power purchase agreements signed under the previous regime to take-and-pay.
The former government official, in a Facebook post on Tuesday, July 30, 2019, described the decision, which was contained in a mid-year budget review presented by the country’s Finance Minister Ken Ofori-Atta, in parliament, as irresponsible, arguing that the move would scare away prospective investors.
“The irresponsible statement by the Finance Minister to renegotiate all take-or-pay power agreements to take-and-pay will scare away prospective investors, not only in the power sector but even more in the development of any future gas Exploration and Production field.
“If investors agree to take-and-pay agreements, government will have to provide even greater security support packages to make the financing of the development of these gas fields intended for Gas2Power possible,” he explained.
“An analogy is where a caterer agrees with a company to provide meals for 200 staff, based on the demand forecast at the time.
“She then gears up, enters into debt to buy equipment to provide 200 meals a day; only to find out later that the company decides unilaterally, or for some other reason, to reduce the meals to 150 people, there will be consequences for everyone involved…the off-taker, the supplier, the supplier’s banks etc. How does the caterer pay for the debt with reduced revenue and reduced margins?” he posited.
Below is the full post
The irresponsible statement by the Finance minister to renegotiate all take-or-pay power agreements to take-and-pay will scare away prospective investors not only in the power sector but even more in the development of any future gas Exploration and Production field;
If investors agree to take-and-pay agreements government will have to provide even greater security support packages to make the financing of the development of these gas fields intended for Gas2Power possible
The finance minister has been ill advised and it shows his teams lack of experience in financing infrastructure projects;
An analogy is where a caterer agrees with a company to provide meals for 200 staff based on the demand forecast at the time.
She then gears up, enters into debt to buys equipment to provide 200 meals a day ; only to find out later that the company decides unilaterally, or for some other reason, to reduce the meals to 150 people
There will be consequences for everyone involved – the off taker, the supplier, the supplier’s banks etc.
How does the caterer pay for the debt with reduced revenue and reduced margins?
It’s a joke; they cannot do it for new IPPs; no new projects will achieve Financial Investment Decision (FID); perhaps they can do it for old IPP plants that have fully amortized their initial costs.
If this is done unilaterally, or without Agreement with the stakeholders in the IPP financing, this may actually cause the breach of financial covenants between the IPP and its financial institutions; this could actually result in default, and potentially judgement debt against the state
The World Bank provided up to $700m in Guarantees – it’s largest ever financial guarantee to a project – to back a take-or-pay E&P Gas field development and also the financing of 4 take-or-pay power plants in Ghana; lets see if they can go renegotiate with the World Bank – that’s where they need to start so we see how serious they are;
The financial institutions that financed these plants will not agree to a renegotiation unless Govt provides more support or guarantees in the form, possibly, of StandBy Letters of Credit to provide comfort of default from the already bankrupt power sector;
A take-or-Pay contract will have lower tariffs than a take-and-pay contract!
Lastly it was disingenuous of the finance minister to deceive the public with the amount of dependable (24/7) sustainable power generation capacity which is more in the neighbourhood of 3,500mW rather than the 4,593MW
The issue I raise here is with the Minister’s statement that has to do with him saying that he will renegotiate “ALL” IPP PPAs to make them take-and-pay from take-or-pay
It is possible to renegotiate those old IPPs that have most likely paid down all their initial capex but quite impossible to do that for relatively new IPPs, and impossible to do that for new IPPs
We should also not confuse the Put-Call Option Agreements, PCOA, with take-or-pay Agreements.
PCOA replaces the Government Support and Consent Agreements that basically mitigates the political and country risk when a default occurs due to Gov’t interference ie country specific – since Gov’t controls PURC, and the whole power value chain, gov’t interference is a huge risk for the investors and their financial institutions
The take-or-pay on the other hand is more related to off takers payments for power received – ensuring debt service payment of the capital expenditure financed by the investors financial institution; it is a project financing requirement in the power sector (and in most infrastructure project).
Pls note that both Bui and Sunon Asogli, both signed by the NPP gov’t where take-or-pay Agreements
If the IPP has paid off its initial capex then there is the need to renegotiate
The IPP needed a take-or-pay Agreement in order to secure the original capex financing
If we send a message out to the power sector investor community that we would no longer be entering into take or pay agreements, as explicitly stated by the Finance Minister, it would be impossible for them to reach Financial Investment decision, nor raise the funding from the project finance banks
UK oil major, BP posted a profit of $2.8 billion for the second quarter 2019, which is similar to the company’s performance in the same period last year, while its production increased during the period.
BP said on Tuesday that its underlying replacement cost profit for the second quarter of 2019 was $2.8 billion, similar to a year earlier. The quarter’s result largely reflected continued good operating performance, offset by oil prices lower than in the second quarter of 2018, the company said.
Underlying RC profit is after adjusting RC profit for a net charge for non-operating items of $861 million, mainly relating to impairment charges, and net adverse fair value accounting effects of $175 million (both on a post-tax basis).
The company’s non-operating items in the second quarter of $0.9 billion, post-tax, were related mainly to impairment charges.
BP reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, 4% higher than a year earlier.
With the start up of the Total-operated Culzean project (BP 32%) in the North Sea this quarter, four upstream major projects have begun production in the first half of the year.
Final investment decisions were made for the Thunder Horse South Expansion Phase 2 project in the U.S. Gulf of Mexico and the MJ project on Block KG D6 offshore India. BP and partners also agreed additional investment expected to increase and extend production from deepwater Block 15 offshore Angola.
BP CEO, Bob Dudley, said: “At the midpoint of our five-year plan, BP is right on target. Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders.”
Organic capital expenditure for the second quarter and half year was $3.7 billion and $7.3 billion, respectively. BP reported $3.5 billion and $7 billion for the same periods in 2018.
Source: offshoreenergytoday.com
The newly appointed Managing Director of the West Africa Gas Pipeline Company Limited (WAPCo), Greg Germani, has told energynewsafrica.com that the company intends to expand its regulating and metering station in Tema to increase its capacity.
The move, according to Mr Germani, is as a result of the increasing demand in supply of gas for power plants in the Tema power enclave.
“Right now we are seeing a growing demand at Tema and we need to expand our Tema facility to meet the demand. So we are working with the support of the Ministry of Energy, Ghana National Petroleum Commission and Eni to expand our facility at Tema to increase the capacity so that more gas will be able to be delivered to the Tema enclave”.
Mr Germani said the Tema facility is being expanded from its current capacity of 140mmscfd to over 200mmscfd to meet the anticipated demands.
He noted that gas supply from Nigeria to Tema has increased saying, “We are starting to see flows from 90 to 110 mmscf a day”.
He said the completion of WAPCo’s new facility at Takoradi to receive natural gas from Ghana Gas facility has made it possible for WAPCo to transport natural gas from Takoradi to Tema. In June an average of 30mmscf of natural gas was transported daily from Takoradi to Tema, he said.
He said the pipeline is available and is run efficiently to operate at over 90 percent reliability to deliver gas from both ends, whether from Nigeria or from Takoradi in Ghana.
Russia’s state mineral exploration agency Rosgeologia has outlined plans for an aggressive new search for oil and gas resources in the Arctic, Moscow business daily Kommersant reports.
The exploration programme, which would run between 2020 and 2045, was proposed by Rosgeologia head Sergey Gorkov in a July 25 meeting of Russia’s state commission for Arctic development, the newspaper stated, citing a copy of his presentation. It would be funded with rubles 292.5bn ($4.6bn) in support from Russia’s sovereign wealth fund and the state budget.
According to Gorkov, finding new Arctic resources would help Russia expand the use of its Northern Sea Route (NSR). Moscow views the Arctic shipping route’s development as a strategic priority, with government officials setting out plans earlier this to expand its cargo trade to 92.6mn mt by 2024, up from 20.2mn mt last year.
The exploration programme would involve geological studies as well as parametric and appraisal drilling. Its first phase between 2020 and 2024 would cost a projected rubles 89.3bn, while the second between 2024 and 2035 would cost rubles 104.6bn. The final stage up until 2045 would require 98.6bn rubles.
Following its recent meeting, the Arctic commission’s head, Deputy Prime Minister Yury Trutnev blasted the work of Russia’s natural resources ministry in developing Arctic reserves as “unsatisfactory”.
“Little money is allocated, and geological exploration is carried out in insufficient quantities; fields are not being developed,” he said.
Earlier efforts had depended on bringing foreign technology, which US sanctions banned in the wake of the 2014 unrest in Ukraine. This brought to a close the Rosneft-ExxonMobil Kara Sea programme later that year after one well had been drilled. Russia is therefore working on developing its own technology, both to cut costs and protect itself from outside threats.
Rosgeologia is subordinate to the natural resources ministry. Gorkov took over as its head in April after his predecessor Roman Panov resigned following the arrest of his deputy on fraud charges.
Source: naturalgasworld.com
A cross-section of tanker drivers who lift petroleum products from Ghana’s only refinery, Tema Oil Refinery (TOR), have threatened to stop operation if management of the facility fails to fix its deplorable parking space.
The drivers, on Monday, parked their gas and oil tanker vehicles at the TOR tanker park for hours even when some of their leaders informed them about the refinery’s preparations to work on the park.
According to them, the clay park and passage to the loading gantry, which is about two kilometers, has deep gullies with exposed stones, which become very slippery and risky whenever it rained.
Mr George Nyaunu, Chairman of the National Ghana Petroleum Tanker Drivers Union, told the media that the nature of the park made it difficult for them to commute smoothly to the gantry, a situation he described as very risky.
Mr Nyuanu explained that, even though the tankers park and drove to the gantry empty, it could explode when the master pin detaches and causes it to topple over in the process of keeping sturdy on the slippery galley-riddled park.
He noted that authorities must not wait for such an incident to occur before responding to their needs, stressing that any explosion from a tanker due to the deplorable nature of the park could jeopardize the entire refinery.
He indicated that their action was not politically motivated, therefore, government should see it as an opportunity to fix the park for the general good instead of painting them in other party colours.
Executives of the Tanker Drivers Union
According to him, they had written several letters to the management of TOR, but were yet to get favourable response hence their action, adding that their last letter to TOR was on July 2, 2019, giving them “a seven-day ultimatum to find an amicable solution to the problem. Failure to adhere to this letter, the drivers will advise themselves”.
Mr Shafiu Mohammed, Chairman of the Gas Tanker Drivers Union, on his part, questioned why there were no sheds for waiting drivers, adding that drivers did not even have a place of convenience.
Mr Mohammed added that it was disheartening for them to be treated without dignity as they had to hide in their tankers whenever it rained.
Mr Moses Kwaku Otoo, an officer of the Industrial and Commercial Workers Union (ICU), the mother union of the drivers, appealed to the management of TOR to urgently shapen the park and provide the needed amenities to ensure the safety of drivers, trucks and the refinery.
Meanwhile, Dr Kingsley Antwi-Boasiako, Public Affairs Manager of TOR, says his outfit shared the plight of the drivers and had been interacting with them on the best way to repair the park and the road.
Dr Antwi-Boasiako added that TOR was committed to a safe and smooth transportation of petroleum products from the refinery.
He indicated that they were currently mobilizing logistics including trucks and bulldozers, to begin work on the park and the road leading to the gantry.
Source:GNA
Power development company, Ncondezi Energy (Ncondezi), has signed a Joint Development Agreement (JDA) with China Machinery Engineering Corporation (CMEC) and General Electric Switzerland (GE) to co-develop and construct the integrated Ncondezi 300MW coal-fired power project and coal mine in Tete, Mozambique.
This agreement follows the project’s recent inclusion by Chinese and Mozambique governments on the list of key infrastructure projects in the first half of 2019.
Ncondezi non-executive chairman, Michael Haworth said: “The board welcomes CMEC and GE to the project as partners and co-developers and looks forward to working with two world class companies who will bring complimentary skills, resources and experience to deliver the project.”
CMEC will be the main EPC and O&M contractor for the project, while GE will be the exclusive subcontractor for the power project core technology, including the boiler, steam turbine, generator, and air quality control solutions which will ensure the plant meets the emission standards established by the World Bank.
GE will also supply the required parts and serve as a field advisor for the power plant maintenance.
Ncondezi is expected to hold a 40% equity interest in the project.
A company statement noted that the JDA is the key outstanding milestone to formally engage with the Mozambican Government and state power utility, Electricidade de Mocambique (EDM), on the electricity tariff and key project commercial agreements such as the Power Purchase Agreement (PPA) and Power Concession Agreement.
According to Haworth, the parties will now finalize and agree on the joint development programme to financial close, with a focus on achieving the development co-funding conditions starting with the submission of an updated electricity tariff to EDM and opening up tariff negotiations over the next six months.
He said: “The tariff and PPA process is expected to leverage off existing development work completed and not require material external cost to the company.
“Whilst key milestones are still to come, the JDA is an important step towards the goal of generating power in 2023,” Haworth concluded.
Source: Esi-Africa.com
South Africa’s Public Enterprises Minister Pravin Gordhan has announced that Jabu Mabuza has been appointed as the acting CEO and the interim executive chairman of the South Africa’s utility company, Eskom.
Mabuza will serve at the head of the embattled national power utility for at least three months as Gordhan struggles to find a long-term solution for Eskom’s ongoing leadership crises.
Mabuza’s appointment follows the resignation of Phakamani Hadebe, whose tenure will end on 31 July.
Hadebe announced his resignation as CEO back in May, citing health reasons for his departure.
“I have informed the Eskom Annual General Meeting (AGM) this afternoon [Monday] of my decision to appoint Mabuza as the interim executive chairman for Eskom and acting CEO of Eskom Holdings,” Gordhan said in a statement.
“Mabuza will assume the duty as acting Group Chief Executive Officer (GCEO) for Eskom due to the resignation of Hadebe, who leaves Eskom on 31 July 2019. Within the three month period during which Mabuza will be the Executive Chairman and Acting CEO, the Eskom board will conclude the process of identifying a suitable candidate to become the next Eskom GCEO,” added Gordhan.
Public enterprises spokesperson Adrian Lackay told EWN … “To ensure continuity and to ensure that the board is instructed to really go and embark on a process to find a suitable candidate for group CEO on a permanent basis for Eskom Holdings and to see what the market appetite is for that.”
The Government of Ghana risks being slapped with judgment debts if producers of fuel and power fail to comply with terms of proposals to cancel take or pay clauses in the energy sector.
That is according to the Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE), Ishmael Edjekumhene.
It follows the disclosure by the Finance Minister, Ken Ofori Atta that the take or pay clause is having a toll on the nation’s finances which is impacting on revenue.
The Minister lamented the impact of the take or pay clauses on the national finances.
The clause means that the government pays for fuel or power produced whether or not it uses them.
For instance, the take or pay clause in the agreement involving oil production by ENI and its partners on the Offshore Cape Three Points (OCTP) is making the government to pay 51 million dollars monthly for unused gas produced at the site.
A situation Mr. Ofori Atta says needs to be stopped.
But Mr. Edjekumhene intimated that this may not come easy.
“If the government is able to get these take or pay contracts reviewed, then that will be a great impact but the question is whether the producers are ready to talk and whether they will agree to the terms and at what extent,” he noted.
Considering the fact that the NPP government inherited about thirty Power Purchase Agreements, it will face a relatively daunting task to get the various producers to agree to their terms.
According to Mr. Edjekumhene, a complete cancellation of the take or pay clause may lead to judgement debts which the government will have to contend with.
“There will only be judgement debt if somebody refuses to reach an agreement but of collectively there is an agreement to buy the terms of the agreement, then that may not be the case as there will be a negotiated settlement,” he added.
Source: Citinewsroom.com
Consumers of LPG in the Republic of Ghana are expected to pay for 8 Ghana pesewas more per kilogram of LPG in order to enjoy the commodity. Thus, consumers who used 14.5kg will be paying almost GHS 1.20p extra on the current price.
Ghana’s Minister for Finance Ken Ofori-Atta announced the 8 pesewas increment when he presented the country’s mid-year budget statement in Parliament, July 29, 2019.
Meanwhile, The LPG Marketing Association, had expected the minister to take advantage of the mid-year budget review, to bring some form relief to Ghanaians.
“We note with grave concern that the product which used to be subsidized, has its price build-up being constituted of more than 23% taxes now.
For instance, in 2015 a typical 14.5kg LPG cylinder cost about ¢48 and a bag of charcoal then was also ¢40 whilst a bag of charcoal is now ¢45 the same 14.5kg LPG cost ¢80,” Secretary of the Association, Justice Adu Mante, said in a statement issued last Thursday.
The Finance Minister also opined that, Government proposes to increase the Energy Sector Levies by GHp 20 per litre for petrol and diesel and GHp 8 per kg for LPG, so as to increase the inflows to enable Government issue additional bonds to pay down our energy sector debt obligations. Based on current indicative prices for petrol and diesel this translates to GHp 90 per gallon.
In addition, Government is also taking steps to relocate the Karpowership to Takoradi to immediately utilize Sankofa gas; Increase power exports by extending the grid to other West African countries; Streamline management of street lighting to ensure accountability and transparency in billing and payments; Increase productive uses of electricity and natural gas to spur industrialization; and engage gas suppliers with a view to reducing the price of natural gas.
Ghana’s Minister for Finance Ken Ofori-Atta has hinted that, government will from August this year do away with take or pay policy in the energy sector which is crippling the sector financially.
The Minister, described the country’s energy sector as being in a ‘state of emergency’ due to some take or pay power contracts the Mahama administration signed with some independent power producers. Therefore, government is set to abolish this policy.
Presenting the mid-year budget statement in Parliament Monday, July 29, 2019 Mr. Ofori-Atta noted that, Ghana is paying so much for unused power and it’s worrying.
“Currently, according to the Energy Commission, our installed capacity of 5,083 MW is almost double our peak demand of around 2,700 MW. Notably, 2,300 MW of the installed capacity has been contracted on a take-or-pay basis. This means that we are contractually obliged to throw away money for this excess capacity which we do not consume.
This has resulted in us paying over half a billion U.S. dollars or over GHS 2.5 billion annually for power generation capacity that we do not need.
“We shall from August 1st 2019, with the support of Parliament, make Take or-pay contracts a beast of the past,” he stated.
The Finance Minister also added that, for gas, Ghana has contracted for around 750 mmscf per day by2023. This is even after this government terminated two other LNG contracts in 2017.
“Current demand is around 250 mmscf per day, and this is projected to rise to between 450 and 550 mmscf per day by 2023. About 640 mmscf of the contracted gas supply is on a take-or-pay basis, meaning we have to pay whether we use it or not. From 2020, if nothing is done, we will be facing annual excess gas capacity charges of between US$550 and US$850 million every year. Thankfully, we have a plan to deal with this,” he said.
Ghana’s Finance Minister, Ken Ofori Atta has attributed the high cost of electricity tariffs in the country to the wasteful expenditure in the energy sector.
According to him, the situation is making Ghana uncompetitive for manufacturing, thus holding back our industrialization and job-creation agenda.
Presenting the 2019 mid-year budget review in Parliament, Ken Ofori Atta said “Mr. Speaker, the total costs in the energy sector that Government had to cover in 2018 amounted to US$520 million (GH¢2.7 billion).
Moreover, by end of June this year, Government had made total payments of US$604 million (GH¢3.14 billion), and if we do not urgently address the problems in the sector, the projected Government payments in 2019 will be at least US$1billion, (GH¢5.2 billion).
“Our top technical experts, assisted by counterparts from the World Bank, have subjected the energy sector to a thorough analysis and produced the Energy Sector Reform Programme (ESRP), which identifies the key issues in the sector and proposes solutions. According to the ESRP, which has been approved by Cabinet, if we continue with business as usual in the energy sector, the costs to Government will increase over time to an accumulated total of over US$12.5 billion by 2023. .”
The Finance Minister stated that “these wasteful expenditures in the energy sector are one of the main causes of increases in end-user electricity tariffs, imposing hardships on Ghanaians. Similarly, this makes Ghana uncompetitive for manufacturing, thus holding back our industrialization and job-creation agenda. What’s more, these wasteful payments are putting pressure on our foreign currency reserves and on the exchange rate.”
Total, the Republic of Benin and the Société Béninoise d’Energie Electrique (SBEE) have signed the Gas Supply Agreement and the Host Government Agreement for the development of a Liquefied Natural Gas (LNG) import floating terminal and the supply of up to 0.5 million tonnes per annum (Mtpa) of regasified LNG from Total’s global portfolio to Benin for 15 years, starting in 2021.
Total will develop and operate the regasification infrastructure that will comprise a floating storage and re-gasification unit (FSRU) located offshore Benin and an offshore pipeline connexion to the existing and planned power plants in Maria Gléta.
“This project is in line with Total’s strategy to develop new gas markets by unlocking access to LNG for fast-growing economies. We are very pleased to have been entrusted by the Benin authorities to develop LNG imports and support a broad adoption of natural gas in the country,” Laurent Vivier, Senior Vice President Gas at Total said.
“Access to LNG will help Benin to meet growing domestic energy demand and add more natural gas to the country’s current energy mix, hence reducing its carbon intensity”.
The Minister of Energy of Benin, Mr Dona Jean-Claude Houssou, stated, “I congratulate the Total Group on its willingness to support the revitalization of the energy sector, which is at the heart of the Government’s Action Plan (PAG), as evidenced by the signing today of the gas import contract. I would like to highlight the Government’s efforts to restore Benin’s energy independence, which is the foundation of the country’s ambitious economic and social development. The new legislative framework fosters the participation of private capital in the energy sector and is manifested in independent thermal, solar and hydroelectric power generation projects. The gas import project will supply plants in Benin, such as the new 127 MW power station at Maria Gléta, with imported liquefied natural gas, on preferential terms and will position Benin, capital of the WAPP (West African Power Pool), as the crossroads for gas and electricity in the sub- region.”
The agreement is subject to conditions precedents.
Qatar Petroleum is further expanding its international reach as it has signed a deal with Total for a share of rights in two blocks offshore Guyana.
The Qatari national oil and gas firm will take hold of 40% of Total’s existing 25% participating interest in the Tullow-operated Orinduik block. Tullow Oil owns a 60% participating interest and EcoAtlantic with a 15% interest in the block.
Also under the farm-in deal, Qatar Petroleum will take 40% of Total’s existing 25% participating interest in the neighboring Kanuku block. Repsol is the operator of the Kanuku block with a 37.5% stake, with Tullow Oil holding the remaining 37.5% interest.
Three exploration wells are planned in these blocks this year: two on the Orinduik block, including the Jethro well which is currently being drilled, and one on the Kanuku block.
“We hope that the exploration efforts are successful. I would like to take this opportunity to thank our partners and the government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks,” Saad Sherida Al-Kaabi, QP CEO said.
The Orinduik block sits 120 kilometers offshore Guyana and has a total area of about 1,800 square kilometers, with water depths ranging from 70 to 1,400 meters. The Kanuku block is located 100 km offshore Guyana and has a total area of about 5,200 square kilometers, with water depths ranging from 70 to 800 meters.
Al-Kaabi said: “We are pleased to expand our global exploration footprint into Guyana together with our valuable, long-term partner, Total, in these offshore blocks in this prospective basin.”
Qatar Petroleum is increasing its overseas reach, as the company just last week signed agreements with Eni and Total to acquire a 25 percent stake in three blocks in the frontier areas offshore Kenya.
The company has in the past years acquired rights in the acreage offshore South Africa, Mexico, Morocco, Cyprus, Mozambique, and Oman as well, with partners being Eni, Total, and ExxonMobil.
Source: offshoreenergytoday.com
Tanzania’s Minister of Energy, Hon. Dr Medard Kalemani has confirmed his attendance at the Tanzania Oil and Gas Congress in October this year.
A statement copied to energynewsafrica.com, said Hon. Dr Medard Kalemani will give updates on the recently announced plans for a syndicate of oil companies to commence construction of the $30bn LNG project in 2022.
In March, the government stated that it planned to complete negotiations with a group of international oil companies in September to develop the project.
Led by Norwegian energy firm, and Platinum Sponsor of the Congress, Equinor, the group also consists of Royal Dutch Shell, ExxonMobil, Ophir Energy and Pavilion Energy.
These international companies will work closely on the project, alongside the state-run Tanzania Petroleum Development Corporation (TPDC).
In a budget presentation to parliament, the Honourable Minister stated that the project aims conclude in 2028 and will have capacity to produce 10 million tonnes per annum of LNG.
Currently, each individual investor of the project is holding separate talks with the government negotiation team. These talks are expected to be finalized within seven months.
According to the Bank of Tanzania, work on the project will increase annual economic growth, which currently stands at around 7%, by another two percentage points.
Those keen to learn more about the movements in Tanzania’s gas market would find it beneficial to attend the Tanzania Oil & Gas Congress, which brings together key players in Tanzania’s oil and gas value chain.
Delegates at the high-profile event, which takes place in Dar es Salaam on 2 – 3 October 2019, will be the first to hear about Tanzania’s exciting investment opportunities directly from the Minister of Energy, Government representatives, regulators and industry leaders.
