Equinor (EQNR -0.5%) says will proceed with partner Exxon Mobil (XOM +0.3%) in starting talks with Tanzania's government on developing a liquefied natural gas project based on a deepwater offshore discovery.
EQNR says Tanzania's Pres. Magufuli has asked his government to begin negotiations to set out the commercial and fiscal framework for the LNG project, which could cost as much as $30B.
Royal Dutch Shell (RDS.A, RDS.B), which operates deepwater Blocks 1 and 4, adjacent to EQNR’s Block 2, previously sought to develop the LNG project in partnership with EQNR and XOM; it has not said whether it would join the two companies or pursue separate talks with the government.
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