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June 13, 2022

Tanzania Government signs natural gas deal with Shell and Equinor

Equinor and Shell, together with Ophir Energy, Exxon Mobil, and Pavilion Energy, intend to build the LNG export terminal.

The Government of Tanzania has signed a liquefied natural gas (LNG) framework agreement with energy giants Equinor and Shell, Reuters reported.

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The signing of the deal will expedite the start of the construction of a $30bn LNG export terminal.

The deal is expected to pave the way for a final investment decision on the $30bn LNG export terminal by 2025, the news agency quoted Tanzania’s Energy Minister January Makamba as saying.

The facility, which is planned to be constructed near large-scale offshore natural gas discoveries in deep waters off, Tanzania’s southern coast, has been facing regulatory delays for a number of years.

Makamba was cited by Al Jazeera as saying, during the signing ceremony in Dodoma: “We have never reached this stage of natural gas development in the history of our country.

“This project will significantly change our economy. Tanzania’s geographical positioning makes it easy to transport the natural gas to other countries, especially Asian [ones], which are looking for new sources of energy.”

Shell Tanzania vice-president and board chairman Jared Kuehl was quoted by Reuters as saying: “We believe Tanzania has advantages because it has [a] strategic location and the opportunity to deliver a competitive and investable project.”

Equinor and Shell, together with Ophir Energy, Exxon Mobil, and Pavilion Energy, plan to build the proposed LNG plant in the Lindi region.

The project is planned to be commissioned by 2029 to 2030.

Equinor operates Tanzania’s Block 2, which is estimated to hold more than 20 trillion cubic feet of gas.

Shell operates Block 1 and Block 4 in Tanzania. These blocks have a total of 16 trillion cubic feet of estimated recoverable gas.

As per the government’s estimates, the country has total recoverable gas reserves of 57.54 trillion cubic feet, according to Reuters.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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