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Thursday, October 18, 2018
While speaking at the 11th International Conference and Exhibition of the Nigerian Gas Association in Abuja, the Secretary General of the International Gas Union (UIG), Luis Bertrán Rafecas, said that Nigeria has the potential to become the third largest global exporter of LNG.
Rafecas said the potential is there if the West African country puts its seventh LNG train into production at the NLNG facility.
Nigeria’s goal is to see NLNG is to increase production from 22 to 30 Mtpa by 2024.
According to Rafecas, the country’s ability to bring the NLNG Train 7 project to life could put it in a good position compared to other projects sprouting up elsewhere.
The investment required for this train is $7 billion.
Nigeria is currently the world’s fourth largest exporter of LNG, behind Qatar, Australia and the United States, which alone will account for about 60% of global LNG supply by 2023.
NLNG is a private limited company owned by the federal government, represented by the Nigerian National Petroleum Corporation (NNPC), with a 49% stake. The other shareholders are: Shell (25.6%), Total (15%) and ENI (10.4%).
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