EU LNG supply to be boosted by Nigerian LNG

The European Union is strengthening relations with Nigeria as it seeks to diversify the sources of its natural gas imports in an attempt to reduce reliance on Russian energy. Nigeria is the fourth biggest liquefied natural gas supplier to Europe.

An NNPC LNG tanker picking up cargo from Atlas Cove Depot in Nigeria. Credit: Nigerian National Petroleum Corporation website

The European Union is strengthening relations with Nigeria as it seeks to diversify the sources of its natural gas imports in an attempt to reduce reliance on Russian energy. Nigeria is the fourth biggest liquefied natural gas supplier to Europe. At least 40% of Nigeria’s gas is currently exported to Europe.

Seeking to cut the use of Russian gas in response to Russia’s invasion of Ukraine, EU diplomats visited Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation on Monday for meetings on increasing cooperation in the energy sector.

The EU Ambassador in Nigeria, Samuela Isopi said: “We are not only major clients for Nigeria, we are also major partners in the oil and gas sector because some of the companies that are working with them are from Europe… we share the same interest and same objectives.”

The Nigerian National Petroleum Corporation (NNPC) Chief Executive assured the European delegation that the company was keen on increasing gas supply to the global market. Nigerian authorities say the country has a proven natural gas reserve of 209.5 trillion cubic feet (TCF) as of January 2022. Revenue from oil and gas accounts for about two-thirds of Nigeria’s funding.

Related: LNG Regasification in Europe

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