Tanzania drew international attention this year by almost trebling its appraisal of its natural gas reserves. Now confirmed at 43 Trillion Cubic feet (TCF), they are valued around $430 billion.
The discovery mirrors a larger energy boom currently taking place in East Africa. According to the U.S. Geological Survey, East Africa’s coastal waters areexpected to hold up to 441 trillion cubic feet of natural gas. This is almost double the estimate given a few months ago in May 2012, and numbers are likely to grow with further exploration deals in the ‘pipeline’.
The Economist has hailed the emergence of an “Eastern Eldorado“, predicting the region to rival West African resource giants such as Nigeria and Ghana. British Gas have announced plans to invest about $15 billion in Tanzania within the coming decade. This figure alone is more than half the country’s current annual GDP.