Barrick Gold invests in Tanzania oil and gas sector

rig  kenhodge13Barrick's current investment in Tanzania will be able to produce oil and gas between 2021 and 2022. (Image source: kenhodge13/Flickr)Barrick Gold (BG) East Africa has said that it has invested US$2bn in Tanzania to harness the country's potential in oil and gas

BG East Africa president and asset general manager Derek Hudson said that Tanzania has a greater opportunity in oil and gas than other East African countries due to the availability of deep water.

Hudson added, “So far, around US$2bn has been invested by BG East Africa in oil and gas projects here.” He added that his company will continue with its investment plans in Tanzania.

Hudson noted that Tanzania has a better chance of growing in the oil and gas industry due to the availability of the market for the products in the country. He said that his company has been willing to build business with the government in conjunction with the public in an attempt to help the country's economy grow.

The Barrick executive revealed, “The investment we are making in the country is for the mutual benefit for all. Despite the road for oil and gas being stiff, we are optimistic that BG Tanzania will make it big.”

Hudson underscored that the current investment his company was making will be able to produce oil and gas between 2021 and 2022, stressing that BG East Africa will focus much on training and offering scholarships to Tanzanians that will aim at equipping them with the relevant expertise in the oil and gas sector.

So far, BG East Africa has spent around US$40mn on vocational training of Tanzanians in Lindi and Mtwara equipping them with skills which will later make them have access to jobs in the gas and oil sectors.

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