AZA Finance FX Week Ahead: Hunt for gas revives Africa exploration 

crude oil

As Russia’s war in Ukraine drives European countries to seek alternative sources of gas, the long-delayed Tanzania LNG project is being revived, with talks between the government and companies led by Equinor and Shell expected to conclude by June, President Samia Suluhu Hassan told Bloomberg this week.

Tanzania expects an initial $10bn of investment for the project, which stalled under former President John Magufuli. Neighbouring Mozambique’s auction of oil and gas exploration blocks is also receiving interest from companies, according to Bloomberg.

Meanwhile, the African Development Bank is creating a $1bn emergency food production plan in a bid to avert food shortages, with AfDB President Akinwumi Adesina warning that the conflict in Ukraine could spark a crisis for Africa.

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