Nigeria’s gas exports have rebounded following the COVID-19 pandemic, rising for the fourth straight month in July to 115.71 billion cubic feet, the highest level in more than a year.
Nigeria has the largest gas reserves in Africa and the ninth-largest in the world. The nation exports gas mainly through the Nigeria LNG Limited, the West Africa Gas Pipeline, and the Escravos Gas-to-Liquids.
Nigeria is ranked among the top 10 largest exporters of liquefied natural gas in the world, with a capacity of 22 million tonnes per annum.
Its total gas exports in March dropped to a record low of 87.28Bcf as a result of the sharp drop in global oil prices and demand, from 110.71Bcf in February and 114.96Bcf in January.
The international oil benchmark, Brent crude, had slumped to as low as $15.98 per barrel in April from $70 per barrel in January but has been trading around $40-$45 per barrel in recent months.
The collapse in the global crude oil price also pressured on the LNG prices, some of which are linked to oil.
Gas exports rose to 99.45Bcf in April, 103.17Bcf in May, and 114.07Bcf in June, according to data obtained from the Nigerian National Petroleum Corporation.
The Group Managing Director, NNPC, Mallam Mele Kyari, said in March that over 12 LNG cargoes were stranded in the market globally, for the first time.