Spain has been confirmed as the leading off-taker for Nigeria’s LNG cargoes, importing 26% of all LNG produced in Nigeria, while 14% of all Crude Oil produced in Nigeria ends up in that country.
Mallam Mele Kyari Chief Executive Officer/General Managing of the Nigerian National Petroleum Corporation (NNPC) Ltd confirmed this in a statement he released on Wednesday while addressing Nigerian and Spanish business leaders on investment opportunities in the Nigerian Oil and Gas Industry, in Madrid, Spain.
Describing the partnership between Nigeria and Spain as an important one for the NNPC, GMD/CEO said ” The LNG and Crude oil from Nigeria ends up in Spain. Clearly for us as a business, it is an important market for my company.”
Kyari further reiterated his commitment to sustain the strategic energy partnership between Nigeria and Spain.
President Muhammed Buhari had earlier met with the Spanish President, Pedro Sanchez, King of Spain, His Majesty, King Filipe VI, and gave a speech at the headquarters of the World Tourism Organization, WTO, in Madrid, where he focused his discussion on increasing bilateral relations with Spain, and later signed bilateral agreements and Memorandum of Understanding (MoUs) with the Spanish leader, covering select economic areas of cooperation
Mallam Kyari insisted that the world would need energy for today and for the future in industries such as power, IT and auto-mobile.
He also said that investors must see where their money can come from and when they invest, they must see that they can recover their cost and make some margin from it.
While noting that in line with global acceptance of gas as a transition fuel, Nigeria has since declared 2021-2030 as the decade of gas.
“In our country today, we have a legislation that has clearly created a commercial National Oil Company which will be unveiled by our President in the coming days. Together with the Spanish business community, I am confident we can build this industry,” Kyari concluded.
EnergyDays’ check reveals the traditional pattern of European and Asian markets as the primary destination for Nigeria’s LNG and this trend may continue regardless of Mozambique’s strong competitive position with Nigeria.
Nigeria is racing to put on stream more LNG facilities apart from its ongoing Bonny Island Train 7, the Olokola LNG and Brass LNG projects are gaining attention.
The country’s 600Tcf of gas reserves is expected to drive the country’s energy transition development to a Net Zero carbon footprint.