New Telegraph

Gas: 5 vessels to depart Nigeria for Kuwait, Europe with 344,316t

Five vessels from Onne Port have secured berthing space in four ports to deliver 344,316 tonnes of gas fuel in United Kingdom, Belgium, Spain and Kuwait. The cargoes will be delivered between the third week of April and May, 2023 amid high storage and low price of liquefied natural gas which have cripple smooth delivery. Findings revealed that the export is just 28.8 per cent of the average monthly cargoes delivery by Nigeria in the global market. According to data from Gas Infrastructure in Europe, more than 41 liquefied natural gas terminals in Portugal, Spain, France and other countries had been stored up to 80 per cent to avert shortage this winter. It is feared that this may hamper Nigeria’s plans to achieve 16.2 million tonnes of gas export this year.

Before now, Nigeria has 10 per cent share of the global LNG export market, however, by 2021, the country’s market share had fallen to six per cent. Data by the Nigerian Ports Authority (NPA)’s shipping position revealed that the vessels which left Onne Port in the February and March, 2023 are expected to deliver their cargoes in ports of Huelva, Mina Saud, GBIOG and Zeebrugge. The shipping data listed the vessels to include: SK Audace with 68,914 tonnes; LNG Ondo, 66,234 tonnes; LNG Adamawa, 63,168 tonnes; 66,000 tonnes; Seri Balqis, 80,000 tonnes and LNG Cross River.

It was further revealed that LNG Ondo is expected to deliver its cargoes in May 2923 at Huelva Port in Spain, while the current position of LNG Adamawa is at South Africa en route to the port of Mina Saud, Kuwait, its new date of arrival on April, 21 2023. Also, LNG Cross River has left Onne Port to the port of Huelva, Spain as SK Audace’s Port of Destination is GBIOG in United Kingdom, while Seri Balqis is expected in the third week of April in the port of Zeebrugge, Belgium. In 2022, data from the National Bureau of Statistics (NBS), revealed that the country earnings from natural gas on a quarterly basis was N655.94 billion in first quarter; N735.59 billion in second quarter; N757.36 billion in third quarter and N704.87 billion in fourth quarter, making the total earnings from natural gas exports to N2.85 trillion as against the N1.95 trillion earnings in 2021 when the country generated N455.66 billion in Q1 2021; N431.53 billion in Q2 2021, N487.47 billion in Q3 2021 and N573.84 billion in Q4 2021. Giving a breakdown of gas exports, NBS noted that in the first quarter of 2022, the country earned N655.9 billion and N93.7 billion from the export of natural gas and other petroleum gases, respectively. It would be recalled that in 2022, the Group General Manager, National Petroleum Investment Management Services, Bala Wunti, rallied investors at the Global Energy Transition Summit for the development of Nigeria’s gas sector. He explained that the country had abundant gas resources that could attract significant investors. The general manager stressed that with Nigeria, having six quadrillion BTU of energy production annually, making it the second highest in Africa, noting that the country’s energy resources can power the city of New York for the next 120 years. Wunti told the investors that Nigeria has a geographical vintage posi-tion with easy access to the Atlantic, Pacific and Indian Ocean giving it unhindered access to the most critical global trade routes and markets. He said: “If we must get into that energy transition, then it means every source of energy matters and in the context of what we are doing, hydro carbon plays a major role and so it is important that we try to connect the market which provides the platform to unlock the energy source.” In his presentation titled, “What does the future hold for Natural Gas?” Wunti noted that with attention shifting from fossil fuel to more cleaner energy sources, time has come to begin to increase investments that would unlock these energy sources. The energy industry is currently facing increasing demands to reducing greenhouse gas emissions so as to achieve the goals and commitments of Paris Accord and COP 26. Nigeria is pursuing energy transition in order to promote economic growth and is gradually investing in gas so as to reduce carbon emissions whilst continuing to exploit hydrocarbon resources.

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