Nigeria Sees Rising LNG Buyer Interest Amid Global Shifts

At the recent CERAWeek energy conference in Houston, Texas, Olalekan Ogunley, a top executive at the Nigerian National Petroleum Company (NNPC), reported a growing interest from liquefied natural gas (LNG) buyers in Nigeria. This interest is attributed to Nigeria's proximity to key consumer nations and its significant gas reserves.

NNPC, which is the largest shareholder in Nigeria Liquefied Natural Gas (NLNG), currently exports 22 million metric tons of LNG per year and is working on building a seventh production train scheduled for completion in 2027. Ogunley noted that the demand for natural gas has proven resilient despite current geopolitical tensions, and NNPC is in discussions to pursue two new LNG trains aimed at producing an additional 12 million metric tons per annum.

The ongoing conflicts in the Middle East have heightened the need for buyers to diversify their supply sources, making Nigeria an attractive option. Additionally, NNPC is expediting the approval process for reviving idle oil wells to capitalize on high energy prices.