China’s Cnooc Plans Offshore Oil and Gas Exploration in Tanzania

00:00

00:00/00:00

Listen to this article 1x

State-owned Tanzania Petroleum Development is working on an agreement to conduct joint work with the Chinese oil giant

(Bloomberg) — China National Offshore Oil Corp. Ltd. (Cnooc) is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp. (TPDC) as the East African nation seeks to boost the development of its natural resources.

The joint work will be conducted in deep-sea blocks 4/1B and 4/1C held by TPDC, according to Tanzanian Energy Minister January Makamba. The acreage is located near large gas fields discovered by a consortium of international energy companies led by Equinor ASA, Shell Plc and Exxon Mobil Corp. They plan to build a $42 billion liquefied natural gas terminal.