There is so much gas buried underneath the ocean floor of East Africa that it's become increasingly difficult keeping track of it all. Companies continue to make discovery after discovery in the region, and the past two weeks are no exception.
Both discoveries are in Block 2 off Tanzania. Statoil is the operator there with a 65% interest, while Exxon holds a 35% stake.
On Monday, Anadarko Petroleum
Anadarko plans to drill four wells in the area immediately, to properly appraise the find. The biggest winner here, however, may be Anadarko's junior partner Cove Energy.
Fortune favors the bold
For nearly three months, Cove Energy has been the most popular girl in school. The small company has an 8.5% stake in Anadarko's Rovuma field that it's looking to sell, and as reserve estimates continue to grow, so does Cove's popularity.
In February, Royal Dutch Shell
East Africa is in the nascent stages of transformation. These recent energy discoveries will serve as a catalyst for economic growth, and for savvy investors it makes sense to explore tangential opportunities in the region. In the meantime, stay up to date on the East African energy scene by adding the companies mentioned here to My Watchlist.
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