Daily Management Review

Nigeria to increase LNG capacities


01/09/2020


Partners in the Nigeria LNG (Nigerian National Petroleum Corp) project - Shell, Total and Eni - made the final investment decision (FID) to increase the plant’s capacity from 22 million to 30 million tons of LNG per year.



Ken Hodge via flickr
Ken Hodge via flickr
The first batch of LNG from new capacities will be received in 2024. The investment decision assumes that an additional 4.2 million tons of LNG will come from the new line, and the remaining additional capacity will be provided by increasing the capacity of existing lines.

In 2019, Nigeria shipped 20.89 million tons of LNG abroad (+ 1.5% on an annualized basis). Under long-term contracts (until 2024), Nigeria sells 7.84 million tons of LNG per year.

Nigeria is on the list of countries with the largest oil and gas reserves in Africa, has been a member of OPEC since 1971, and ranks ninth in the world in terms of natural gas reserves, which exceed 5 trillion cubic meters. The country is the second largest supplier of gas from Africa to Turkey after Algeria.

Nigeria is the fourth largest LNG exporter in the world after Qatar, Australia and Malaysia.

source: reuters.com






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