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PURA saves over 10bn/-through PSA agreement

THE Petroleum Upstream Regulatory Authority (PURA), has saved more than 10.14bn/-through Production Sharing Agreement (PSA), audit from 2016 to 2019.

PURA Petroleum Engineer, Fabian Mwose told 'Daily News' yesterday during the on-going 44th Dar es Salaam International Trade Fair (DITF), that investment and operational costs incurred by the international oil companies (IOCs) operating in Tanzania are audited by the authority as stipulated in their respective PSA.

Eng Mwose said the incurred audited costs which qualify to be genuine and well spent as per PSA will qualify to enter the recoverable pool.

“Costs in the recoverable pool are deducted appropriately from the sales of gas/oil production. More audit to the PSA is forthcoming to save more money if happen to be so,” he said.

He said the government through PURA has continued to control petroleum upstream activities relating to the exploration, development and production of oil and natural gas in 11 blocks in the country through PSAs.

PSA is a common type of contract signed between a government and a resource extraction company concerning how much of the resource extracted from the country each will receive.

He said among the functions of PURA include regulating LNG project for export whereby they audit the cost and revenue of the project, grant liquefaction license, export license and re-gasification license.

On natural gas discoveries in the country, he said as of February 2020 there were about 57.54 trillion cubic feet out of that onshore was 10.41 tcf and 47.13 tcf offshore.

Eng Mwose said the production of natural gas from Mnazi Bay well averaged at 2.61 billion standard cubic feet per month which is equivalent to 87 million standard cubic feet per day as of February 2020.

Expounding further he said the production of natural gas at Songo Songo well averaged at 2.14 billion standard cubic feet per month which is equivalent to 71 million standard cubic feet per day.

THE National Bank of Commerce (NBC) has reiterated ...

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Author: HILDA MHAGAMA

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