Home » China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania
Africa Business China News Tanzania

China’s CNOOC Plans Offshore Oil and Gas Development in Tanzania

China National Offshore Oil Corp is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp as the East African nation seeks to boost the development of its natural resources. 

The joint work will be conducted in deep-sea blocks 4/1B and 4/1C held by TPDC, according to Tanzanian Energy Minister January Makamba. The acreage is located near large gas fields discovered by a consortium of international energy companies led by Equinor ASA, Shell Plc and Exxon Mobil Corp. that plan to build a $42 billion liquefied natural gas terminal.

Tanzania wants to launch an oil and gas licensing round in the first quarter of 2024 to bring in more investors as European nations move to diversify energy sources and cut reliance on Russian gas. The search for hydrocarbons in Africa has grown steadily since a slump in 2020, when just a single drill was operating in African waters.

Tanzanian President Samia Suluhu Hassan revived negotiations with oil majors for the onshore LNG terminal and has introduced economic reforms. Talks wrapped up in May, paving the way for agreements to be signed for the project.

Source : Oil&GasMiddleEast