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Statoil, ExxonMobil stake another big gas find off Tanzania

  • Statoil (STO) and its JV partner ExxonMobil (XOM) make another big gas discovery off Tanzania - their fifth in the region - confirming Tanzania's emergence as a new energy region. The find, called Mronge-1, can be seen here.
  • Today's find contains 2-3 trillion cubic feet (tcf) of gas, or 360-540 million barrels of oil equivalent (boe), bringing the total gas resources in the license the firms hold to 17-20 tcf or 3.06-3.6 billion boe.
  • BG (BRGYY, BRGXF) and Ophir Energy (OPGYF) have also found gas off Tanzania. BG and Statoil are planning to build an LNG plant in Tanzania to ship the gas to Asia.
  • STO operates the area on behalf of Tanzania Petroleum Development Corporation and owns a 65% stake; XOM owns the other 35%.
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