NIGERIA News: Gas update
Posted on March 17, 2008 – 10:45 am | by oilandgaspress.com
Government figures in Nigeria could be eyeing up a US$20 billion raid on energy companies. As much as 30 percent of the country’s gas production may be set aside for domestic use to solve their current power crisis.
Britain’s Financial Times newspaper claims to have seen a policy document which calls for “unequivocal” action to “prioritise domestic gas supplies over export”.
This could impact the liquefied natural gas (LNG) market, which is becoming increasingly important to Europe, the U.S. and Asia. However, Nigerian officials and the major oil players in the region have played down the impact of such a move.
They claim a huge investment by Nigeria in harnessing untapped reserves will increase the total amount of gas available and offset the decline which would happen otherwise.
Royal Dutch Shell, Total and Eni hold stakes in the sole existing LNG export terminal in Nigeria, with Chevron and ConocoPhillips keeping a keen interest.
A West Africa pipeline will begin exporting gas to the region within the next few months. There is also talk of a Trans-Sahara pipeline to link Nigeria to export terminals on Algeria’s Mediterranean coast.
Gazprom has offered to invest heavily in domestic gas-gathering in Nigeria to help secure European and U.S. markets. Germany’s E.ON and Britain’s BG Group and Centrica are also keen to expand in Nigeria.
source: /www.energycurrent.com/
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