Nigeria’s gas exports have decreased by 25% to their lowest level in three years, mirroring a similar decline in the country’s crude oil exports. This drop is attributed to low production levels and the exit of multinational companies, raising concerns about Nigeria’s ability to meet export commitments and generate revenue from the global gas market.
According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), gas exports fell from 1.14 million standard cubic feet per day (MMSCF) in 2021 to 847,755 MMSCF in 2023, a 25.5% decline. Legal advisor Joshua Olorunmaiye cited the exit and divestment of major producers like Shell, Eni, Equinor, and ExxonMobil, along with a lack of investment in key fields, as primary reasons for the decline. Olorunmaiye emphasized the need to explore and develop Nigeria’s deep-water potential to reverse this trend.
Ayodele Oni, an energy partner at Bloomfield Law Practice, pointed out that poor gas infrastructure is a significant problem affecting gas production. Oni stressed the importance of improving security measures to protect gas infrastructure, implementing effective gas utilization and exportation policies.
Source: Business Day