Nigeria Intends to Increase LNG to Earn More Revenues

Dec. 15, 2006 – The government of Nigeria has plans to export more LNG (Liquefied Natural Gas) so as to capture considerable share in the global market, and also increase revenue for the nation.

A project accomplished by the NLNG (Nigeria LNG Ltd) has brought in revenues of over US$ 3.6 Billion to Nigeria. Also, some money has been plowed back for further expansion of Nigeria’s gas sector, as per Funsho Kupolokun -Nigerian National Petroleum Corporation’s group MD on November 4, 2006.

Funsho Kupolokun further added that the strategy, which was adopted to seize the market, would focus on the developing LNG market and export pipelines of gas.

LNG business is fiscally attractive with minimum price of gas currently ranging from US$ 2.50 to US$ 3.50 per mcf (Million Cubic Feet). Since demand is already on rise, plus gas reserves are depleting in consuming countries, it’s expected that the prices of gas will stabilize at a price range making LNG economically more attractive in future. Presumably, prices of natural gas will be sustained remarkably higher than this range till the time Liquefied Natural Gas turns out to be a reality in a colossal way.

As per the views expressed by a senior Research Analyst at RNCOS, who has recently researched a report on “Future Outlook for Global LNG Market (2010)”, since the petrol prices are uncertain, demand for LNG market is rising and for overcoming the scarcity in the consumption of LNG countries are tracking for LNG supply. In such a scenario if Nigeria has plans for exporting the LNG, it has a vast opportunity of earning bulks of revenues from it.

Key findings of and issues covered in the “Future Outlook for Global LNG Market (2010)” report include:

– Atlantic LNG market is growing at faster pace as compared to Asia-pacific market.
– Role of Middle East is rising rapidly as LNG importer.
– Japan and Korea were the largest importers of LNG in 2005.
– Get an insight into the trends in market performance.
– Pinpoint sectors of growth and identify the driving factors.

About the report

The report further provides research and objective analysis on Global LNG Industry. It helps clients to analyze the opportunities, and factors critical to the success of this industry and potential markets for LNG market.

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