UPI: Norway's Statoil pegs future to East African gas

Norwegian energy company Statoil said Monday it was putting an emphasis on natural gas developments in sub-Saharan Africa.

"Statoil has over the past few years made significant gas discoveries offshore Tanzania and we are excited about the opportunities we see for a natural gas and LNG development," Statoil acting Chief Executive Officer Eldar Saetr said in a statement.

Statoil and its joint venture partner, Exxon Mobil, in October announced the discovery of about 1.2 trillion cubic feet of natural gas in place at the Giligiliani-1 exploration well offshore Tanzania. The new discovery pushes the total of in-place gas reserves above the 20 trillion cubic feet mark.

Saetr pointed to a report from the International Energy Agency, which said the sub-Saharan economy could grow by as much as 30 percent by 2040 with the right investment climate in place.
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