Tanzania will seek as much as an 85 percent share of profit from oil and gas produced in the East African nation, according to a draft law being debated in parliament.
Tanzania's current natural gas reserves are at about 55 trillion cubic feet (tcf) following new deep sea discoveries off its southern coast, the east African nation's energy minister said.
FLORENCE, ITALY—Tanzania’s oil and gas sector is open for business and following a raft of offshore gas discoveries in the past few years, opportunities abound.
Africa's energy industry could boom in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said recently.
Tanzania has awarded oil and gas exploration rights for the northern side of Lake Tanganyika to a subsidiary of French energy company Total SA, its state-run petroleum agency said.