• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 12 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days America should go after China but it should be done in a wise way.
  • 15 hours World could get rid of Putin and Russia but nobody is bold enough
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

Green Chemistry Breakthrough: Researchers Create Ethylene from CO2

University of Cincinnati engineers have…

Microwave Energy Could Fix The Biggest Problem Facing EVs

Microwave Energy Could Fix The Biggest Problem Facing EVs

Researchers from the University of…

Tanzania To Begin Talks With Majors On $30B Deepwater LNG Project

Tanzania’s government will start this month talks with major international firms to define the commercial terms for a deepwater liquefied natural gas (LNG) project off the coast of the east African country expected to be worth US$30 billion.

Negotiations are set to begin this month and to conclude by September, The East African news outlet quoted Tanzania’s Energy Ministry as saying.

Major international companies have been exploring for gas offshore Tanzania and have found sufficient quantities for a potential LNG plant.

The development of such project, however, has been stalled due to the lack of a host government agreement (HGA) setting the legal, fiscal, and commercial terms of the project.

“A deep-water LNG plant is a large project that requires large upfront investments. To ensure that all parties benefit from such a project, a stable and predictable framework for more than 30 years of the plant is essential,” Equinor spokesperson Erick Haaland told The East African.

“We trust that the government of Tanzania has a long-term view on this major industrial investment,” Haaland added.

Norway’s Equinor has been operating in Tanzania since 2007 when it signed a Production Sharing Agreement (PSA) for Block 2 with Tanzania Petroleum Development Corporation (TPDC). Equinor’s Tanzanian unit is the operator of the block with a 65-percent participating interest, while U.S. ExxonMobil is partner with a 35-percent working interest. TPDC has the right to participate with a 10-percent stake.

Equinor has made nine discoveries with estimated volumes of more than 20 Tcf of gas in place.

Royal Dutch Shell holds stakes in two blocks adjacent to Equinor’s block 2. According to Shell’s website, “all these blocks together hold sufficient gas to enable a shared onshore LNG liquefaction plant.”

The government of Tanzania has allocated land for this facility in Lindi, located on the southern Tanzanian coast.

ADVERTISEMENT

Now the government and the international majors need to hammer out the legal and commercial framework of the LNG project, which Tanzania says would be done by September.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News