Nigeria’s minister of state, petroleum resources, Mr. Timipre Sylva, has said the country has plans to send more liquefied natural gas (LNG) to Europe by winter.
Speaking at the Gastech 2022 conference in Milan Italy, Timipre Sylva said the country is building a gas pipeline from Nigeria through Algeria to Europe. He however regretted that the country is currently encountering delayed additional gas deliveries because of security problems.
Sylva said Nigeria would soon decide on the investment to build the infrastructure and the project will likely cost more than $10 billion.
“Nigeria and Algerian state oil companies would be involved in this process and other private investors have also shown interest,” he said.
Nigeria oil reserves hit nearly 37 billion barrels, has 3.1% of the world’s reserves. The country is among the top 15 countries in crude oil production, and ranks eighth in oil reserves and sixth in oil exports.
The minister also used the opportunity of the conference to call on the international investment community to take advantage of the new Petroleum Industry Act [PIA], which he described as “investment friendly.”
Sylva said currently in Nigeria enabling laws and policies have been put in place to grow local and international investments.
Also speaking at the conference, deputy chief operating officer for natural resources, Eni, Cristian Signoretto, said the Italian oil giant plans to increase investment in the sector globally in the years ahead.
He stated: “We plans to invest around 4.5 billion euros ($4.47 billion) in upstream activities each year from now to 2025 focusing on several countries. We are fully committed to invest 4.5 billion per annum in the upstream to bring on line new gas supplies,” he said