Equinor is taking a near $1 billion writedown on the value of its planned Tanzania liquefied natural gas project, which has failed to make sufficient progress as the Norwegian operator and partner ExxonMobil struggle to agree development terms with the Dodoma administration.

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The Norwegian state-controlled company will book the impairment in the fourth quarter but vowed to continue discussions with Tanzania's government over the prolific offshore Block 2, which has yielded nine discoveries and is estimated to contained 20 trillion cubic feet of gas resources in place.