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Thursday, August 11, 2022

EU is willing to help Nigeria increase LNG competitiveness

The European Union (EU) is willing to help Nigeria increase the competitiveness of its liquified Natural Gas (LNG), EU Deputy Director on Energy Matthew Baldwin has said.

“We can no longer count on the gas coming from the Russian Federation and we want to build a new partnership with countries like Nigeria with whom we have an already well-established partnership to obtain more gas and LNG from you on good commercial terms,” he said during a fact-finding mission to the West African nation.

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On July 25, Russia’s Gazprom announced to further reduce natural gas flows through a major pipeline to Europe to 20 per cent of capacity, citing repairs of equipment.

The EU is already getting 14 per cent of its LNG from Nigeria, Baldwin said, adding companies are interested in bringing more LNG from Nigeria.

“If you look at the total potential LNG reserves in Nigeria, it could go all the way from 14 per cent to something in the 30s. So, this is a huge potential we see here in Nigeria as a partner,” he said.

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