The Federal Government said on Wednesday that Nigeria will be able to deliver more liquefied natural gas to Europe by next winter. Chief Timipre Sylva, the Minister of State for Petroleum Resources, said this during the Gastech conference in Milan, according to Reuters.
The cost of Brent, the standard for all other crude prices, fell by 5.01 percent, or $4.65, to settle at $88.18 per barrel as of 8:23 p.m. Nigerian time on Wednesday.
In addition to the need for Europe to find alternatives to Russian gas supplies that are running out, Sylva claimed that security concerns brought on by the conflict in Ukraine were now delaying supply of new gas. The minister, however, stated that Nigeria would build a pipeline for Nigerian gas through Algeria to Europe.
He said 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 Nigerian National Petroleum Company Limited and the Algerian state oil companies would be involved, according to Sylva, as he noted that other private investors had also shown interest.
He said the Italian energy group, Eni, might also be involved in the project, without elaborating. “Everybody is welcome,” Sylva reportedly stated. Nigeria has vast gas resources and has been developing natural resource for both domestic use and export.
