UAE's Dodsal Group Ups Estimate of Recent Tanzania Gas Find

Dodsal Group on Monday said its recent gas discovery in Tanzania is expected to be higher than earlier estimated, Associated Press reported.

The Dubai based firm said it has discovered 2.7 trillion cubic feet (tcf) of gas deposits in Tanzania's Ruvu Basin Coast Region valued at around $8 billion. Last month the company said the gas deposits held 2.17 tcf but recent studies revealed the deposits to be much bigger.

The upside potential is estimated at 3.8 tcf, which could push its value to $11 billion, Associated Press reported.

The company has invested $200 million and plans to invest another $300 million over the next two years.

According to Khaleej Times, a third well at Mbuyu has found a large gas column, which is estimated to contain up to 5.9 tcf of gas. Studies are ongoing to establish the prospective gas resources.

So far Dodsal has drilled three wells at Mbuyu, Mtini and Mambokofi in the exploration area in Coast Region.