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Wednesday, November 30, 2022

European Union initiates courting Nigeria for gas

The European Union is now working to boost or maintain ties with Nigeria as it seeks to diversify the sources of its natural gas imports in an attempt to reduce reliance on Russian energy.

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Europe: The European Union is now working to boost or maintain ties with Nigeria as it seeks to diversify the sources of its natural gas imports in an attempt to reduce reliance on Russian energy.

Nigeria comes on a fourth number, and it is the biggest liquified natural gas supplier to Europe; at least 40 percent of the gas is now exported to Europe.

The European Union (EU) wants to cut down the supply and use of Russian gas, which is a response to Russia’s invasion of Ukraine.

The representatives visited Nigeria’s state-owned oil company on Monday for a conference on increasing cooperation in their energy sector.

According to the EU ambassador in Nigeria ‘Samuela Isopi’, “We are not only the major clients for Nigeria but also the major partners in their oil and gas sector because some companies working with them belong to Europe. So that is why we share the same interest and same objective with them.”

The Nigerian National Petroleum Corporation (NNPC) chief executive confirmed to the European Commission that the company was keen on increasing gas supply to the global market.

According to the Nigerian authorities, the country has a proven natural gas reserve of 209.5 trillion cubic feet (TCF) as of January 2022.

Revenues from oil and gas account for about two-thirds of Nigeria’s funding.

Nigeria’s Minister of State for Petroleum Resources, Timipre Silvain, a statement that the NLNG could donate especially towards easing Europe’s gas burden if only other producers of liquified natural gas are allowed to supply their feedstock.

At the same time, the minister, therefore, advised the stakeholders of the NLNG to do everything possible to help the European Union meet its energy needs as the region continues to make efforts to reduce its dependence on Russian gas drastically.

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