Equinor Will Not Move Forward With Tanzania LNG Project. Writes Off $982 Million.
Tanzania overdid it – and some other African governments just do the same. I have seen that play out too many times. Oil and/or gas has been struck in some forlorn country at times when oil is seen as the black gold, the government officials can already see their new Rolls Royces before even the first real hole is drilled. Then comes a ton of sometimes non-sensical Local Content Rules and soon, the project is being seen as the goose that lays golden eggs. And when the world economy takes a nosedive, they can contemplate stepping back from the most egregious stuff. Kiss your dream money goodbye.
