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FG Plans To Increase Gas Exportation As Brent Crude Oil Price Drops By 5.01 Percent

 

FG Plans To Increase Gas Exportation As Brent Crude Oil Price Drops By 5.01 Percent
Minister of State for Petroleum Resources, Timipre Sylva

The Federal Government is optimistic about exporting more Liquefied Natural Gas to Europe starting this year, Minister of State for Petroleum Resources, Chief Timipre Sylva revealed.

Naija News reports that the minister, while speaking at the Gastech conference in Milan on Wednesday, September 7, said the ongoing war between Ukraine and Russia is negatively impacting the deliveries of more gas at the moment.

Sylvia, however, noted that alternatives are been considered to meet the huge desire by Europe for solutions to dwindling supplies of Russian gas.

Earlier on Wednesday, oil price figures made public indicated that the cost of Brent, the global benchmark for crude, dropped by 5.01 per cent or $4.65 to close at $88.18/barrel as of 8.23 pm Nigerian time.

Speaking on the highlight of the new development, Sylvia stated that Nigeria would build a pipeline for Nigerian gas through Algeria to Europe.

According to him, Nigeria would soon take the final decision over the investment to build the infrastructure, adding that the project was likely to cost more than $10bn.

The minister also revealed that the Nigerian National Petroleum Company Limited (NNPC) and the Algerian state oil companies would be involved, adding that other private investors had also shown interest in the development.

He said Italian energy group, Eni, might also be involved in the project, without elaborating. “Everybody is welcome,” Sylva reportedly stated.