Market News
Nigeria Sells $1 Billion of Gas to Portugal, Official Says - DOWJONES
By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria--Nigeria has sold more than $1 billion of natural gas to Portugal this year, the chief executive of the Nigerian National Petroleum Company Ltd. said Friday.
"There are opportunities for Nigeria to grow this supply as the NNPC has put up massive infrastructure to ensure gas is available domestically and its supply into the international market is increased," CEO Mele Kyari said on the official Facebook page of the company.
Mr. Kyari, who is part of a Nigerian delegation to the second UN Ocean Conference in Portugal, noted the energy partnership between the two countries, adding Nigeria supplies 70% of energy imports to Portugal.
Nigeria has proven gas reserves of 208.62 trillion cubic feet as of Jan. 1. It is on track to increase the reserves volume to 220 tcf in less than 10 years and 250 tcf thereafter, the Nigerian Upstream Petroleum Regulatory Commission said.
Gbenga Komolafe, NUPRC chief executive, said "the commission is taking steps to develop and expand Nigeria's huge gas resources as the conflict between Russia and Ukraine has disrupted global gas demand-supply chain."
Five European Union ambassadors in April visited the NNPC Ltd. in Abuja and stressed Europe was interested in strengthening cooperation with Nigeria, particularly for increased supplies of liquefied natural gas.
