Equinor ASA said Friday it would make a $982 million writedown of its Tanzania liquefied natural gas (TLNG) export project proposed for east Africa, saying it does not currently compete with other projects in the company’s portfolio.

“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,” Equinor said. 

The company added that it would continue to work with Tanzania’s government on the commercial, fiscal and legal aspects of the project. But Equinor said for now that TLNG has a projected breakeven price “well above” the average of its portfolio. The charge is to be reflected in the company’s fourth quarter earnings...