Tanzania Petroleum Development Corporation (TPDC) has implemented MetricStream’s solution for risk-based audit management to strengthen capabilities and consolidate internal audit activities within a single framework.
Tanzania’s Ministry of Energy and Minerals implements its petroleum exploration and development policies through TPDC. TPDC plays an important role in monitoring oil and gas exploration and production, researching and developing the industry, and advising the government on issues related to petroleum.
The corporation is a partner in Songo Songo and Mnazi Bay gas fields, which have been in production since 2004 and 2006 respectively.
MetricStream said that TPDC has played an important role since the discovery of new gas reserves in Tanzania and Mozambique, leading to predictions that the region may become the third-largest exporter of natural gas worldwide.
The gas initially in place (GIIP) is estimated at 42.5 trillion cubic feet from deepwater offshore, and 8 trillion cubic feet onshore in Tanzania alone.
TPDC acting director of internal audit Charles Nyangi said: "At TPDC, we look to integrate risk management into our day to day activities at every organisational level, while also ensuring proper oversight of risks. The MetricStream solution scales across the enterprise, and helps us improve the efficiency of our audit program, while facilitating greater information-sharing and coordination across these activities, which comprise internal and joint ventures (external) audits."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
