ExxonMobil Statoil Announce Tanzania Gas Find

ExxonMobil, Statoil Announce Tanzania Gas Find

This is the third major discovery in a year by the two companies in the country.

OSLO -- Norwegian oil group Statoil (IW 1000/27) Monday announced a large natural gas find with partner ExxonMobil  (IW 500/1)off Tanzania's coast, the third major discovery in a year by the two companies in the country.

The Tangawizi-1 well contained between 712 million and 1.07 billion barrels of oil equivalent (boe), bringing the total reserves of the block in question to between 2.67 and 3.03 billion boe, the Oslo-based company said.

It was located at a depth of 2,300 met3res, 10 kilometers from the previous Zafarani and Lavani discoveries, which the company believes could hold recoverable reserves of up to 2.32 billion boe.

Statoil is the operator of the block on behalf of the Tanzania Petroleum Development Corporation and has a 65% stake in the license, with the remaining 35% held by ExxonMobil.

Copyright Agence France-Presse, 2013

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