A final investment decision on Tanzania’s $30bllion onshore liquefied natural gas export terminal (LNG) will not be made for at least five years according to Statoil’s country manager.
The company has said it is prepared for the project to take a “long time” but it could be brought forward if the government was ready.
Oystein Michelsen said: “We are not schedule-bound…if the government delivers we would need five years until an FID.”
It would take another five years after the decision to build the plant.
Tanzania’s natural gas reserves are estimated at more than 55 trillion cubic feet (tcf) and the central bank believes starting work on the plant would add another two percentage points to annual economic growth.
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