The Hormuz crisis, which has disrupted liquefied natural gas (LNG) supplies, makes the $42 billion Tanzania LNG export project more attractive. Philippe Mathieu, Executive Vice President of Equinor, stated that now is a good time to develop the project, as there is a need for new LNG volumes in the market:
Equinor and Shell, the joint operators of the project, have been negotiating with the Tanzanian government for years but have yet to reach a final agreement:
The project, which aims to connect an export terminal to natural gas discoveries off the coast of Tanzania, has been in the works for over a decade:
