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Nigeria drops to sixth position in global LNG supply

Nigeria drops to sixth position in global LNG supply

Nigeria has dropped to the sixth position in global liquefied natural gas, LNG, supply following a 4 percent decline in its market share. According to the Managing Director, Nigeria LNG Limited, NLNG, Mr. Tony Attah, the 4 percent drop in market share moved the country from third to sixth position globally.

Attah, who spoke at the just-concluded 5th international conference of the Nigeria Society of Chemical Engineers, said Nigeria, with a 10 percent supply share about 10 years ago, now supplies less than 6 percent in the market. He said: “About 10 years ago, we controlled about 10% of the market and number three in the world. But today with the emergence of the shale revolution in the US, and Australia, we have slipped quickly to number five, and again, further down to number six with less than 6% market share. Nevertheless, I am hoping that train seven will bring us up”.

“However, if you look at the data, we have 200 trillion cubic feet proven reserves; we have 22 million tonnes per annum capacity that’s less than point 5% of results to capacity ratio analysis. Look at Australia, which has 88 million tonnes per annum capacity. This tells me that we can do much more to make a difference in Nigeria and reposition not only our company but also Nigeria and indeed Africa, on the global map”.

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Source: SweetCrudeReports

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