Australia's Key Petroleum upbeat on Tanzania
A worker checks machinery and pipelines for oil production. Tanzania's West Songo Songo has the potential to produce 735 million barrels of oil or 1.3 trillion cubic feet of gas. Photo/REUTERS
Australia's Key Petroleum Ltd said on Thursday its West Songo Songo licence in Tanzania had the potential to produce 735 million barrels of oil or 1.3 trillion cubic feet of gas.
The West Songo Songo area is between the already-producing Songo Songo gas field and the east African country's coastline. Key Petroleum is also developing a nearby field at Nyuni.
"Exploration and development work is rapidly increasing the value of these areas which form a significant part of Key Petroleum's international asset portfolio," the company said in a statement.
"The geological work that our team has been undertaking has provided us with some highly prospective targets in the West Songo Songo licence area," said Managing Director Ken Russell.
"Although at an early stage of evaluation these results provide us with a greater level of confidence in our Tanzanian interest," he said.
