Published On: Tue, Mar 29th, 2016

Some 450 youth registered for Statoil business ideas competition

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By TR Reporter
In pursuit to make a good life through entrepreneurship, more than 450 young people have come forward to participate in the ongoing Heroes of Tomorrow competition in Mtwara and Lindi regions.
This competition which is funded by Statoil, an oil and gas company, was inaugurated end of November last year at an event to re-open the library of Mtwara region which was refurbished by the company, an initiative which cost the company more than 40 million shillings..
Heroes of Tomorrow competition invites young people aged between 18 to 25 years in Mtwara and Lindi offer their thoughts on entrepreneurship and kind of glad they want to do in order to increase their income and contribute to development activities in their regions.
Speaking about the participation, the competition manager from Statoil Mr. Erick Mchome said the company is pleased to see how young people from the southern regions have been able to respond to such an opportunity that was given by Statoil.
“As a company we feel pleased to see that the opportunity we provided had reached targeted people and used correctly; we have prepared training that will help them in their dreams of becoming entrepreneurs,” said Mchome.
Of the 450 youth who participated by providing a wide range of business ideas for competition, Statoil will choose the best 40 ideas and the owners of these ideas will be given a one-week training on how to write a business plan .
According to Mchome, the submitted business plans will be judged for ten finalists to emerge. The final ten will present their business plans to the jury and the jury will select and interview the best five participants before announcing the winner at a final event in Dar planned for 14th April, 2016.
The winner will be awarded five thousands US Dollars (USD 5000) while the four runner ups will take home 1,500 USD each. The remaining five participants will receive 1,000 USD each.
“There are more chances to win this year since those who will enter the top ten despite receiving training they also will be in a position to win between USD 1000 to USD 1500 to be a catalyst for capital in fulfilling their dreams, ” explains Mchome
The Heroes of Tomorrow Business Competition was first launched by Statoil Tanzania in September 2014 and has been a great success. Over five hundred business ideas were received from youth in Mtwara region and an overall winner was awarded.
This year Statoil Group celebrates 10th years anniversary since the launch of the Heroes of Tomorrow sponsorship campaign which targets youth in countries of operation.
Statoil is an international energy company with operations in 37 countries. In 2007 Statoil signed a production sharing agreement (PSA) for Block 2 with Tanzania Petroleum Development Corporation (TPDC). Statoil Tanzania AS is the operator with 65% working interest with ExxonMobil Exploration and Production Limited as a partner with 35% interest.
Since 2012 Statoil and its partner have made significant discoveries in Block 2, which proved 22 Tcf of gas in-place volumes and mark an important step towards a possible natural gas development in Tanzania.
Statoil is headquartered in Norway with approx. 22,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.

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