5 vessels depart Onne Port with 364,779MT
Volumes of gas supplies from Nigeria has doubled year-on-year
Spanish natural gas intake has increased by 12 per cent year-on-year to 36.7 TWh as robust LNG imports from U.S., Nigeria and Russia halted imports from Algeria. According to data released by gas grid operator, Enagas, the volume of liquefied natural gas received from the United States in May totaled 13.1 TWh, maintaining its position as principal supplier, with 35 per cent of all volume supplied to Spain in the year-to-date or 67.5 TWh.
Also, volumes from Nigeria more than doubled year-onyear to 4.9 TWh, while Russian volumes rose 52 per cent to 3.3 TWh. This month, data from the Nigerian Ports Authority (NPA)’s shipping position revealed that five ships laden with 364,779 metric tonnes have left Onne Port to Europe and other destinations.
Leaving the port in the first week of June, 2022 are Gaslog with 67,000 tonnes; MARAN Gas Sparta, 80,000 tonnes; LNG Kano, 66,000 tonnes; BW Pavilion Vanda, 71,779 tonnes and Pan Americas, 80,000 tonnes.
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The two countries have supplied 15 per cent and seven per cent of Spain’s gas volume in the year-to-date respectively. According to Enagas data, “increased LNG flows continued to displace Algerian piped gas from Spain’s supply matrix, with volumes through the 11 Bcm/year Medgaz pipeline seen at around two thirds of capacity in May.
Algerian volumes stood at seven TWh in May, the lowest monthly volume, since pandemic- related travel restrictions in 2020 and comes amid a political issue between the two countries. On June 8, Algeria announced it was suspending a 20- year treaty of friendship with Spain due to the latter’s stance on the Western Sahara. Spain’s largest gas importer, Naturgy, is in regular contract negotiations with Sonatrach, which holds a four per cent stake in Naturgy. The 8.4 Bcm contract through to 2030 between the two should not be affected.
Spain saw gas demand in May drop 13 per cent year-onyear to 26.9 TWh as demand from industry fell 15 per cent, led by a 36 per cent drop in the refining sector. This meant the excess volume was largely exported, with 7.8 TWh re-exported from Spain for a second consecutive month, including a record net 5.8 TWh exported to France via pipeline, with the Spain-France link running at around 85 per cent of capacity.
Meanwhile, the Group General Manager, National Petroleum Investment Management Services, Bala Wunti, has 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, 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 position 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.
Wunti, in his presentation titled: “What does the future hold for Natural Gas?” 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.