African oil producing nations: Looking beyond European markets

Komolafe Rasheed writes on the need for African Liquified Natural Gas producing nations to look beyond Europe for future market of their clean fuel.

LiquIfied Natural Gas (LNG) is non-other than natural gas that has been processed and con densed into a liquid and cooled to about. 163-degree celcius for shipment through the sea especially to distant markets where pipelines or other means of transportation is difficult to reach. The growth in gas fired power production has increased the demand for gas and particularly for LNG, industry analysts have predicted the world demand for natural gas at about 23

The energy information administration (I.E.A) however put the global demand at 26 per cent, which may translate to 182 trillion cubic feet (TCF) by the year 2030. The world presently have 23 LNG production facilities, eight out of these 23 are sighted in Africa, five in the Middle East, one in Trinidad, one in U.S.A (Alaska) and eight in Australia, while existing regasfication terminals in the world is about 53 while more are still in the pipeline. In the past, the business of LNG was the exclusive of Asian producing countries to Asian importing countries that are blessed with natural gas and those that are not but as time went by, the growing declining production at the Western Basin played up new markets in the west producing countries.

African countries with vast proven gas reserve are taking the advantage of the limitless market. This environmentally safe fuel currently offer global energy market through LNG.

There are 29 train LNG facilities in Africa currently. The following countries in Africa have joined the growing list of countries that are monetizing their gas resources.

Nigerian Tribune