NNPC Says Nigeria Sold N415 Billion Natural Gas to Portugal in 2022
- Nigeria said it sold about $1 billion worth gas to Portugal in 2022 as the country remains one of the highest gas exporters to the country
- According to Mele Kyari, the Group Managing Director of NNPC, the country has been exporting gas to the country for decades
- Kyari said this at the sidelines of Nigeria-Portugal Business Trade Forum held in Portugal during Buhari's visit
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Amid skyrocketing price of gas in the country, the Nigerian National Petroleum Company said on Thursday, June 30, 2022, that it had sold over $1bn worth of natural gas to Portugal this year alone.
According to Nigeria-Business and Trade Forum held during President Muhammadu Buhari’s visit to Portual, Nigeria has been supplying energy to Portuhal for many years.
Nigeria, a top gas exporter to Portugal
The Punch reported the Group Managing Director of the NNPC, Mele Kyari as saying this also during Buhari’s visit to that country.
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NNPC tweeted both the GMD’s and Buhari’s speeches via its official handle on Thursday, June 30,2022.
The NNPC said that the president is leading a high-powerd Nigerian business delegation to the Nigeria-Portugal Business and Trade Forum.
Kyari also spotlighted the long-standing energy collaboration between the two countries, saying that Nigeria supplies 70 per cent of energy imports to the country.
Kyari also noted that there were enough opportunities to grow the energy supply to Portugal.
Nigeria investing in infrastructure to shore up local supply
The NNPC boss told people at the forum that Nigeria had invested in critical infrastructure in or to boost domestic gas availability and shore up supply on the international market.
In recent months, Nigerians at home have been battling price hike of gas on the local scene with as much as 50 per cent, prompting many to revert to using charcoal to cook.
The hike has been blamed on the Russia-Ukraine crisis which has caused a global energy price increase as European countries threaten to boycott Russian gas and oil as a punitive measure for invading Ukraine in February.
Nigeria has a gas reserve of about 203.56 trillion cubic feet worth over $803.4 trillion.
Nigeria has highest gas reserve in Africa, worth $800trn, says FG
Recall that Legit.ng reported that the Nigerian government has said that the value of the country’s gas deposits stands at about 206.53 trillion cubic feet, estimated at $803.4trn which is the highest in Africa.
The federal government also stated that the European Union had suggested categorising natural gas as a green energy source which will affect Nigeria favourably going by its massive gas reserves.
The Punch report stated that Timipre Sylva, the country’s Minister of State for Petroleum Resources said this at the 2022 Annual Public Lecture of the Nigerian Society of Engineers in Abuja on Thursday, April 28, 2022.