Tanzania Plans Revision of Oil and Gas Exploration Contracts

The Wall Street Journal reported that Tanzania plans to review the contracts of more than 20 oil and gas exploration companies as a result of a recent slew of natural gas discoveries in the country.

As quoted in the market news:

Tanzania’s move comes amid a growing trend across the continent, where governments of newly resource-rich nations attempt to balance their citizens’ desire for a share of any future wealth with sufficient incentives to attract foreign investment.

Tanzania, whose own reserves estimates have nearly trebled after discoveries by firms like Statoil ASA, Ophir Energy PLC and BG Group PLC, is expected to join Kenya and Mozambique as a major energy export hub to Asia.

Click here to read the full report from The Wall Street Journal.