Dubai-based Dodsal Group says it has discovered 2.7 trillion cubic feet of gas deposits in Tanzania's Ruvu Basin Coast Region valued at around USD 8 billion.
The conglomerate says it had initially estimated that the gas deposits held 2.17 trillion cubic feet, but more recent studies revealed it is closer to 2.7 trillion, with a potential upside of 3.8 trillion, which could push its value to USD 11 billion.
Dodsal Group says its find is Tanzania's biggest onshore gas discovery and could boost the East African country's economy.
The group, originally founded in India, said in a statement today it has already invested USD 200 million and plans to invest another USD 300 million to support its onshore concession for oil and gas exploration in Tanzania over the next two years.
