Gas find off Tanzania for Statoil, Exxon

OSLO - Agence France-Presse

This image provided by Statoil shows the drilling rig Aker Barents in the Barents Sea. AP photo

Norwegian oil group Statoil and U.S. company ExxonMobil have together discovered a large natural gas field off the coast of Tanzania, Statoil announced on Feb. 24.

The field’s gas reserves are estimated at about 140 billion cubic meters, it said.

The size of the deposit could turn out to be bigger, since the field’s exact contours have not yet been fully determined and exploratory drilling is still underway, Statoil spokesman Baard Glad Pedersen told Agence Frence-Presse.

“The well has encountered 120 meters of excellent quality reservoir with high porosity and high permeability. The gas-water contact has not been established and drilling operations are on-going,” the company said in a statement.

This is Statoil’s fifth major oil or gas discovery in the past year, after large fields were found in the North and Barents seas and off of Brazil.

Statoil, which holds the operating license off Tanzania, owns 65 percent of the field and ExxonMobil 35 percent. Tanzania Petroleum Development will be entitled to 10 percent of the project once it is active.