Significant offshore discoveries have been made over the last two to three years and further exploration is underway, the fund said in its recent country report for
"Although gas resources haven't yet been declared commercially viable, estimates of discoveries indicate recoverable offshore gas resources of at least 24 trillion - 26 trillion cubic feet, potentially sufficient for a four-train
"A final investment decision is expected at the earliest in 2016 or 2017." Total investment during the development phase could amount to
"This is beginning to generate expectations that greater spending is warranted by likely future revenues," the fund added. "However, a final decision on whether to develop a large-scale liquefied natural gas project using offshore gas resources may not be made by the natural gas companies until 2016."
Also, the decisions to be made in the next few years - concerning contracts and management of revenue - will have long-term implications on whether the ensuing benefits from natural gas will accrue to all citizens, the IMF said.
"A sharp slowdown in
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