Dubai-based Dodsal Group says it has discovered 2.7 trillion cubic feet of gas deposits in the Ruvu Basin Coast region of Tanzania.
The find is valued at $8 billion, according to the Associated Press.
Initially they estimated the gas find was 2.17 trillion cubic feet, but more recent studies place it closer to 2.7 trillion cubic feet, this gives it a potential upside of 3.8 trillion, with the possibility its value could rocket to $11 trillion.
Dodsal Group says the find is Tanzania’s biggest onshore gas discovery and could very well boost the East African country’s economy.
The group said it plans to invest another $300 million there in the next two years.