- Tanzania intends to begin the export of LNG.
- Authorities estimate that the initial LNG project could reach $40 billion.
The Government of Tanzania plans to scale its efforts to begin the export of Liquefied Natural Gas. This comes as Russia’s invasion of Ukraine spurs Europe to seek new energy sources. Tanzania estimates that its first LNG project investments could reach $40 billion.
According to the Tanzanian authorities, it planned to conclude talks in June with a group of foreign oil and gas companies led by Norway’s Equinor on developing a liquified natural gas terminal.
Tanzania has an estimated 17 trillion cubic meters of gas reserves, which puts it in a position to benefit from Europe’s rush to diversify its energy sources. Walter Nguma, an independent economic analyst, says the sale of LNG on the international market would generate massive revenue for the nation.