Tanzania Received Gas Proceeds Worth $ 54.9 Millions In 2014/15

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The latest annual report from the auditor general on the Tanzania Petroleum Development Corporation shows that the state agency received or was owed natural gas worth $54.9 million (Tsh132.6 billion) from.

The amount if broken down into proceeds from gas sales by Pan Africa Energy ($31.3 million),(SongoSongo gas field) Songas Tanzania Limited ($23.6 million) and the Tanzania Electric Supply Company Limited $23000.

Despite the impressive proceeds the auditor general report showed that the Tanzania Petroleum Development Corporation had received just $4.02 million (Tsh8.99 billion) with the rest remaining due.

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The latest figures are a jump from the 2013/14 figures where just $29.4 million (Tshs 65.7 billion) Pan Africa Energy ($17.2 million),(SongoSongo gas field) Songas Tanzania Limited ($12.1 million)and the Tanzania Electric Supply Company Limited $36700.

During the same period the auditor’s report further shows that the government opened three Escrow Accounts at Stanbic Bank as per the agreement with Exim Bank (lender) as collateral for the Mtwara- Dar es Salaam gas pipeline and deposited $53.7 million (Tshs120.5 billion).

 

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During the same period the Tanzania Petroleum Development Corporation spent $1.8 million (Tshs4.1 billion) in exploration expenses on its participation blocks Lake Tanganyika, 4/1b and 4/1c

Hussein Boffu runs a consultancy helping elite entrepreneurs reach their goals through actionable business planning. Contact him via email at hussein.boffu@tanzanapetroleum.com or by calling, texting, or WhatsApp at +255(0)655376543.