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Equinor (EQNR), Exxon and Shell Agree to Tanzania LNG Project
Equinor ASA (EQNR - Free Report) , along with Exxon Mobil (XOM - Free Report) and Shell plc (SHEL - Free Report) , entered into an agreement with the government of Tanzania to build a liquefied natural gas (LNG) export facility. This will likely cost tens of billions of dollars.
The deal includes the essential components of a host government and a production sharing agreement.
The project, valued at around $42 billion by a top Tanzania government official, is anticipated to be constructed at the Lindi coast. It is expected to supply 15M metric tons per year using gas from three deepwater blocks offshore Tanzania.
Prior to an anticipated signature in the next few weeks, this protracted agreement will undergo legal assessments and quality control.
According to Equinor’s national manager, Unni Fjaer, the deal paves way for a series of milestones that will follow to realize this fantastic LNG opportunity for the country and the rest of the world. However, a final investment decision regarding the Tanzania LNG project is yet to be received.
Zacks Rank & Key Pick
Equinor currently carries a Zack Rank #3 (Hold).
A better-ranked stock for investors interested in the energy sector is Sunoco LP (SUN - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.