Equinor ASA: Impairment at Tanzania LNG Project
Norwegian Equinor (OSE: EQNR, NYSE: EQNR) has decided to write down the book value of its Tanzania LNG project (TLNG) on the company’s balance sheet by 982million USD. This will be reflected in adjusted earnings for EPI division in fourth quarter 2020 results to be reported on 10 February 2021. While progress has been made in recent years on the commercial framework for TLNG, overall project economics have not yet improved sufficiently to justify keeping it on the balance sheet. The TLNG project has an anticipated breakeven price well above the portfolio average for Equinor and is, at this ...