East Africa country Tanzania is set to have an explosive progress in the petroleum and oil sector after Solo Oil PLC tipped the country for a rather technical progress catapulted by the oil company early this week.
Helium One investment will be the core figure to take the sub-Saharan’s economy to the next level in year 2018. The group has been on progress to advance potential drill locations to establish a successful venture and investment in the East African grounds.
Global oil management has been the key player for determining the prices of goods and services, and the lamentation of motorists and other traders have been heard loud and clear when the oil equilibrium takes a negative shift.
The technical operations that have been undertaken by Solo Oil included soil and seep geochemistry data and work design. These would give the company more information before they embark on a possible multi-billion endeavor mining of oil for the benefit of the country and the company as well.
The company believes their interest can experience a quantum leap in the coming year by 5%, from its 10% stake in Helium One to settle at an incredible 15%. With further commitment and a possible oil drilling locations, the company will undoubtedly add more barrels to its tally of oil sample.
The company has early plans in the next year, which will grant them the prospect process of when to begin the planning for drilling. This will be necessary to understand the right time to venture and fish out sufficient and enough oil.
“Recent technical work, especially the addition of improved seismic imaging, has significantly enhanced our ability to predict the likelihood of finding trapped helium in the subsurface,” said Solo chairman Neil Ritson.
“When that is combined with scoping studies for the development phase of any discovery we are increasingly confident that we will be able to reach low risk drilling decisions in the next year.”
According to Tom Abraham-James, Helium One chief executive, he is happy and optimistic about the progress being made with further development lined up for the project. The presence of Solo Oil in the project for the coming months gives the Chief Executive hopes and certainty that there will be success in the project.
Tanznaia will heavily benefit from the project, hoping to turn it to a massive opportunity that can be accessed by investors and entrepreneurs. This will boost their economy status by a higher chance to a greater ranking, increasing the competitive bar around its region.
On top of that, there will be employment opportunities available for the Tanzania citizens, growth and expansion of businesses.