African LNG Market Inviting $100B and More

Africa is an inspiring frontier in the global liquefied natural gas sector. The African LNG market holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10 percent of global production growth through to 2024.

On the demand side, Africa’s large, urbanized and mechanize communities of the future will require reliable and sustainable power generation.

With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential.

Nigeria accounts for over 50 percent of current LNG production capacity on the continent.

The final funding decision to be disclosed in October, on the $12 billion expansion of the country’s liquefaction plant at Bonny Island in Rivers State, will guarantee that the country continues to manage in the sector.

The Train 7 expansion project would boost Nigerian LNG production capacity by 35 percent, from 22 million tons per annum to 30 million.

Current indication point is on a positive verdict. The 20-year-old facility is possesed and operated by a consortium which involves NNPC, Shell, Total and Eni.