Mnazi Bay Gas Production Improve in Q2 2016

Posted on :Tuesday , 23rd August 2016

East Africa-focused oil & gas company Wentworth Resources (OSE:WRL, AIM:WRL) announced improvements of gas production at Mnazi Bay in Q2 2016 by +6.25%.

The Mnazi Bay achieved average gross daily gas production of 51m standard cubic feet (MMscf) per day in Q2 2016, compared to 48MMscf in Q1 2016 (+6.25%).

This was indicated in Wentworth’s press release issued on August 16th 2016.

Geoff Bury, Wentworth Managing Director comments: “In Tanzania, Wentworth has seen significant growth in gas sales since the start of operation of the new pipeline in August 2015. This provides the Company with consistent cash flow to fund our ongoing activities, service our debt facility and to build cash reserves.

” As of December 31st 2015, Maurel & Prom (M & P) holds 60.075% interest in exploration ownership in the Mnazi Bay Concession, while Wentworth Resources holds the remaining 39.925%.

Wentworth also owns a 31.94% working interest in operations on the block together, M & P owns 48.06%, and Tanzania Petroleum Development Corporation (TPDC) owns 20%.

Mnazi Bay Gas Production

Mnazi Bay gross Proved + Probable (2P) gas reserves are 181.1Bscf as of December 31st 2015.

M & P supplied an average of 49m cubic feet (MMcf )of natural gas per day in H1 2016.

On September 12, 2014, the Mnazi Bay partners signed a Gas Sales Agreement (GSA) with TPDC to deliver up to 130mmcf/day of natural gas from the Mnazi Bay concession to the new government owned Mtwara to Dar es Salaam gas pipeline.

The company’s first gas delivery to the new natural gas pipeline commenced on August 20th 2015.

Mtwara-Dar es Salaam Gas Pipeline

The development of the Mtwara-Dar es Salaam gas pipeline included the construction of Madimba Processing Centre, which is operated by state-run Gas Supply Company Limited (GASCO).

The pipeline and processing plant are part of the Government’s program to add over 2,000 MW of new gas-fired power by 2018 and total 10,000 MW of generation capacity by the year 2025 up from the 1,500 MW in 2015.

The aim is to reduce dependency from hydropower, representing 33% of Tanzania’s power generation in 2014 and whose capacity has been affected by recurring droughts that are hitting the country.

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