Nigeria Seeks to Cash In on Global Gas Market Strain
Nigeria is looking to capitalize on the global natural gas market's current strain caused by the US-Israel war on Iran. The country's minister of state for petroleum resources, Ekperikpe Ekpo, says Nigeria aims to expand its gas production and strengthen its position as a major supplier.
The opportunity arises as Europe is expected to have growing international demand for liquefied natural gas (LNG). To take advantage of this, Nigeria is seeking to attract investment and position its LNG for the European market. Ekpo also mentioned plans for the Nigeria-Morocco gas pipeline, a significant project that will help increase production.
However, despite the potential opportunities, Nigerians are currently facing high domestic cooking gas prices, which has led to efforts by the government to bring down liquefied petroleum gas (LPG) prices. The goal is to move millions of households away from firewood, charcoal, and kerosene and reduce gas flaring.
The government aims to accelerate 20 gas projects towards final investment decisions before 2030. Ekpo emphasized the importance of reducing gas flaring and increasing production to meet international demand.