Nigerian President Muhammadu Buhari said Thursday that his country is ready to plug the natural gas supply gap in Europe that Russia recently left amid its war with Ukraine, Nigeria’s Daily Trust online reported. mentioned.
The Daily Trust reported on June 30 that “President Muhammadu Buhari has said Nigeria is ready to fill the natural gas gaps in Europe that the current Russo-Ukrainian war has predicted.”
Buhari made the remarks during a speech Thursday on “areas of cooperation between Nigeria and Portugal” at the presidential palace in Lisbon, Portugal, Nigerian news channel Channels TV reported. Nigerian leader Visit Lisbon this week in Call Portuguese President Marcelo Rebelo de Sousa.
Regarding oil and gas, President Buhari said that with the current Russian-Ukrainian war, cooperation in the field of oil and gas between the two countries has increased. [Nigeria and Portugal] It has become vital to avoid a crisis in the demand and supply chain, even though Nigeria is already a major supplier of gas to Portugal,” Channels TV reported.
Nigeria supplies 70 percent of Portugal’s energy imports, according to Melle Kyari, CEO of the Nigerian National Petroleum Corporation.
“Nigeria sold more than $1 billion in natural gas to Portugal this year,” Kyari, who runs the state-owned Nigerian Petroleum Corporation, wrote on his Facebook page on July 1. mentioned By Dow Jones Newswires.
The news outlet detailed Nigeria’s recent efforts to expand its European natural gas exports outside Portugal, writing:
The Nigerian Petroleum Regulatory Commission said Nigeria had proven gas reserves of 208.62 trillion cubic feet as of January 1, and is on track to increase the size of the reserves to 220 trillion cubic feet in less than 10 years and 250 trillion cubic feet thereafter.
“The commission is taking steps to develop and expand Nigeria’s massive gas resources as the conflict between Russia and Ukraine has disrupted the global gas supply and demand chain,” said Genga Komulavi, CEO of the National Renewable Energy Commission.
Five EU ambassadors in April visited NNPC Limited in Abuja and confirmed that Europe is interested in strengthening cooperation with Nigeria, particularly in order to increase LNG supplies.
Nigeria is an energy rich country it contains The second largest crude oil reserves in Africa after Libya. Like many geographical regions with abundant crude oil reserves, Nigeria also brag from deposits of associated natural gas. Nigeria was the largest crude oil in Africa Producer In 2021 and now member Organization of Petroleum Exporting Countries (OPEC).
Despite having access to enormous natural wealth, the Nigerian Federal Government regularly fails to provide adequate fuel to its people. The nation has suffered widespread blackouts due to regular failures of the state grid for years and blackouts across major cities – including the federal capital Abuja – as recently as mid-June.