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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil

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To: Tomas who wrote (302)	9/11/2000 8:13:27 PM
From: Tomas	Read Replies (1) of 500

Tanzania Launches Offshore Oil Exploration DAR ES SALAAM, Tanzania (PANA) (Panafrican News Agency, September 11, 2000) - Tanzania has launched an ambitious project to woo investors to lay a stake in the exploration of oil off the shores of the Indian Ocean, according to the energy and minerals ministry. It said in a statement that a data bank to the effect was in the offing, with specific emphasis on the deep-sea area. Energy and minerals Minister Abdallah Kigoda was expected to leave for the United Kingdom and the US to make initial contacts with potential investors, it added. He would discuss with them the petroleum geology of Tanzania, the regulatory and fiscal regime for oil exploration and the terms and conditions for license applications. The statement, however, said negotiations with the winning bidder could only take place in the second quarter of 2001. It said the development in the offshore exploration of oil in the country was the culmination of nearly two years of work by the Tanzania Petroleum Development Co- operation and the UK-based Geophysical Company. The two firms had conducted explorations on the southern areas of Dar es Salaam as well as the deep-sea areas to the east of Zanzibar and Pemba islands.

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