KEY investors in the liquefied natural gas (LNG) project expected to lower the price of natural gas locally have stressed the need for finalizing negotiations so that project implementation can start.

This was the tone of discussions between Dr Doto Biteko, the deputy prime minister and Energy minister, who held talks with India's Ministry of Electricity officials and Shell Co. executives as the firm is among key investors in the project.

The minister was accompanied by some of the members of the Energy and Minerals standing committee of the National Assembly, namely Juliana Masaburi, Ussi Pondeza and Iddi Kassim Iddi.

The meeting took place on the margin of hectic activity by the Petroleum Upstream Regulatory Authority (PURA) asking investors from various countries to participate in the fifth round bidding for oil and gas exploration blocks on the Zanzibar seashore set for next month.

Investment opportunities in the oil and gas sector are being promoted through the ongoing India Energy Week conference and exhibition in New Delhi, an event attracting over 70,000 participants from more than 50 countries.

Officials at Tanzania's booth at the exhibition said that many participants were impressed by geophysical data showing the expanse of Tanzania's oil and gas resources.

The DPM, who is attending the conference, visited the Tanzania booth and the upstream regulator for using various platforms, locally and abroad, to promote investment opportunities in the sector.

He said that the government's goal is to ensure that all its energy sources are developed to ensure a steady energy supply at all times.

Charles Sangweni, the PURA director general, stated that several processes towards the bidding have been completed, including hiring a geophysical company located at the Tanzania Geological Surveys (TGS ASA), specializing in processing oil and gas data for global market promotion.

The company will be tasked with collecting and processing seismic data in unexplored areas of the special economic zone to enhance the information available for investors, he said.

Additionally, PURA has completed the preparation of a map indicating areas that will be auctioned in the fifth round, which includes 26 blocks, with 23 in deep sea and three in Lake Tanganyika, he stated.

Fifth round bidding will take place during the East African Petroleum Conference and Exhibition (EAPCE’25) in Dar es Salaam in a few weeks, he affirmed.

Exhibitions on Tanzania's oil and gas geology, giving investors the opportunity to review geological data, purchase tender bid documents and submitting bids will be done.

Similarly, evaluating received bids will be conducted, along with engaging in discussions on production sharing agreements (PSAs), he said.

These discussions will terminate by seeking government approval for signing PSAs between the regulator and successful investors, with expected benefits from this bidding round already being listed.

These include increased government revenue from taxes, royalties, and profit sharing from discovered resources, sales of data, licensing fees as well as job creation, aside from the supply of various services by local companies when such undertakings are conducted, he added.