Nigeria has dropped to the sixth position in global liquefied natural gas, LNG, supply following a 4 percent decline in its market share.
According to the Managing Director, Nigeria LNG Limited, NLNG, Mr. Tony Attah, the 4 percent drop in market share moved the country from third to sixth position globally.
Attah, who spoke at the just-concluded 5th international conference of the Nigeria Society of Chemical Engineers, said Nigeria, with a 10 percent supply share about 10 years ago, now supplies less than 6 percent in the market.
He said: “About 10 years ago, we controlled about 10% of the market and number three in the world. But today with the emergence of the shale revolution in the US, and Australia, we have slipped quickly to number five, and again, further down to number six with less than 6% market share. Nevertheless, I am hoping that train seven will bring us up”.
“However, if you look at the data, we have 200 trillion cubic feet proven reserves; we have 22 million tonnes per annum capacity that’s less than point 5% of results to capacity ratio analysis. Look at Australia, which has 88 million tonnes per annum capacity. This tells me that we can do much more to make a difference in Nigeria and reposition not only our company but also Nigeria and indeed Africa, on the global map”.
Speaking on the performance of the NLNG, he said: “Today, we have delivered more than 5,000 LNG cargoes across the world. We have 23 dedicated ships that make the journey day in day out. “We have to date more than 11 billion in asset base and over $108 billion in revenues to our shareholders as expressed upfront with more than $35 billion in dividends delivered but at least $8 billion in taxes to the federal government since we became a taxpayer in 2009.
“Our customers proudly describe us as responsible, reliable, and trusted. They are not that many opportunities for Nigeria to be described as such, which is part of our delivering on the vision of helping to build a better Nigeria, starting from the reputation, but also from delivering very reliable energy to the rest of the world.
“Today, we produce about 7.5 Billion Cubic feet (BCF) of gas on a daily basis. Of that, we as Nigeria LNG, take 3.5 BCF, almost 40. The domestic market consumes about 1.5 BCF, which is really just 21%. The industry reinjects about 2.3 BCF much more than is going into the domestic market, which is where the actual national development can happen”.
SOURCE: sweetcrudereports.com