Tanzania’s Energy Ministry is set to provide updates on recently announced plans for a group of oil companies to commence construction of a $30 billion Liquid Nitrogen Gas (LNG) project.
Dr Medard Kalemani, Tanzania’s Minister of Energy, has confirmed his attendance at the Tanzania Oil and Gas Congress this October where he will update investors, stakeholders and the general public on the project’s progress.
In March, the country’s government stated that it planned to complete negotiations with a group of international oil companies in September to develop the project. Led by Norwegian energy firm, and Platinum Sponsor of the Congress, Equinor, the group also consists of Royal Dutch Shell, ExxonMobil, Ophir Energy and Pavilion Energy.
These international companies will work closely on the project, alongside the state-run Tanzania Petroleum Development Corporation (TPDC).
Delegates at the high-profile event, which takes place in Dar es Salaam on 2nd and 3rd October 2019, will be the first to hear about Tanzania’s investment opportunities directly from the Minister of Energy, Government representatives, regulators and industry leaders.
In a budget presentation to Parliament, the Minister stated that the project aims to conclude in 2028 and will have capacity to produce 10 million tonnes per annum of LNG.
Currently, each individual investor of the project is holding separate talks with the government negotiation team. These talks are expected to be finalised within seven months.
The Bank of Tanzania says work on the project will increase annual economic growth, which currently stands at around 7%, by another two percentage points.