Zanzibar takes bold steps to diversify its economy as it opens new oil and gas zones for bids

Original Story Published by: Chinedu Okafor, www.africa.businessinsider.com
Photo Source: Courtesy of africa.businessinsider.com

(Above) Zanzibar Blue Economy

In accordance with President Hussein Mwinyi's $2.4 billion plan to promote shipping, oil exploration, and seaweed processing, the 12 blocks have already been opened. The Zanzibar head of state unveiled the five-year plan in February of last year. It aims to expand the country's oil and gas sector while also fostering the "blue" economy.

The 12 blocks were opened when a multinational corporation named Schlumberger finished the task of analyzing the oil and gas data that had been given to the government of Zanzibar by the government of the United Republic of Tanzania.

Suleiman Masoud Makame, Zanzibar's minister for blue economy and fisheries, stated that data processing and distribution of additional blocks, totaling 12 blocks, situated in the deep water regions of eastern Unguja and Pemba, have been completed. “This is the first tender related to oil and gas exploration and extraction to be issued in Zanzibar, constituting issues stipulated in the sectors’ Five Year Development Plan,” Suleiman Masoud Makame, said.

Additionally, Suleiman Masoud Makame stated that the ministry would like to make a public declaration that the distribution of new oil and gas blocks situated in the deep sea off the coasts of eastern Unguja and Pemba as well as the data processing project were both finished.

Furthermore, he added that the action ushers in a new era of oil and gas exploration designed to advance the industry by presenting investment prospects and welcoming proposals through an upcoming international tendering that is expected to be revealed by the end of 2023.