Rising tensions in the Middle East are opening up new opportunities for Nigeria’s gas exports, with the NNPC (Nigerian National Petroleum Company Limited) reporting a surge in demand for its liquefied natural gas (LNG) cargoes.
An executive vice-president of the NNPC, Olalekan Ogunleye, said at the CERAWeek conference in Houston that global buyers are increasingly turning to Nigeria due to its geographic advantage and resource base.
“We see commercial opportunities on top of the fact that we have the most gas reserves in Africa,” he said.
Emphasising Nigeria’s positioning in the global energy market, Ogunleye noted, “We are right in the middle of the market. We are 10 sailing days from Europe, close to the Atlantic Basin and close to Asia.”
He added that the demand outlook for gas remains strong despite geopolitical instability, revealing that the company is already considering expansion plans. According to him, discussions are ongoing on “adding two new LNG trains,” alongside a proposed 12 million metric tonnes per annum project and gas-based industrial hubs to harness over 200 trillion cubic feet of reserves.
Currently, Nigeria LNG exports up to 22 million metric tonnes annually, with a seventh production train under construction and scheduled for completion in 2027.
Meanwhile, the Dangote Petroleum Refinery & Petrochemicals has cut its ex-gantry petrol price by N75 to N1,200 per litre, marking a reversal after recent increases earlier in March.
Announcing the adjustment, the refinery stated, “Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.”
It added that the decision would affect pricing across the distribution network.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.”
The most recent price reduction occurs in spite of swings in the price of crude oil, which have lately risen beyond $100 per barrel.
