Output at Tanzania's Mnazi Bay climbs 24% in 2021
Gas production at Tanzania's Mnazi Bay surged by 24% year/year in 2021 to 81.6mn ft3/day on the back of strong demand in the east African country, one of the project's developers Wentworth Resources reported on January 26.
Output grew to a record 91.5mn ft3/d in the fourth quarter, Wentworth said, noting that Tanzania's reliance on natural gas had increased due to weaker hydroelectric power generation. Wentworth has raised its 2022 output guidance for Mnazi Bay by 5mn ft3/d to 75-85mn ft3/d.
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Mnazi Bay is operated by France's Maurel & Prom with a 48% interest, while Tanzania Petroleum Development Corp has 20% and Wentworth 32%.
Wentworth has also gained from a bump in the contracted price for gas produced at Mnazi Bay effective January 1, 2022, owing to a rise in the US Consumer Prices Index used to calculate it.
"Wentworth continues to go from strength to strength and we are proud and delighted to have achieved an all-time quarterly production record at Mnazi Bay in the final quarter of last year," company CEO Katherine Rose commented. "This continues to indicate that demand has recovered from the lower levels of 2020 associated with COVID-19 and means Wentworth will continue to have a leading role in providing low-carbon energy as Tanzania rapidly grows and industrialises."
Wentworth said it remained debt free with $22.8mn of cash in hand at the end of 2021. It noted that the proposed work programme and budget at Mnazi Bay would cost $20.1mn, including $12.8mn in operating costs and $7.3mn in development costs.