Nigeria’s state oil company has said the ongoing turmoil in the Middle East is creating new commercial openings for the country’s gas exports, as global buyers seek alternative supplies.
Olalekan Ogunleye, Executive Vice President of the Nigerian National Petroleum Company (NNPC) Limited, told delegates at the CERAWeek energy conference in Houston that Nigeria is witnessing stronger demand for its Liquefied Natural Gas (LNG) cargoes.
"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.
"We see commercial opportunities on top of the fact that we have the most gas reserves in Africa,” Ogunleye said.
His comments come as energy markets face disruption from the war involving Israel, the United States (US) and Iran, which has unsettled global supply chains.
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Nigeria LNG (NLNG), in which NNPC is the largest shareholder, currently has the capacity to export up to 22 million metric tons annually.
A seventh production train is under construction and scheduled for completion in 2027.
Ogunleye added that demand for natural gas has remained resilient despite geopolitical tensions.
He revealed that NNPC has begun talks to add two new LNG trains and is pursuing a 12 million metric tons per annum project, alongside gas-based industrial hubs, to harness more than 200 trillion cubic feet of reserves in Nigeria.
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