NNPC: Nigerian LNG cargoes are attracting more buyers.

A senior Nigerian National Petroleum Company official said that the West African producer is experiencing a stronger demand for its LNG cargoes due to the energy disruptions caused by the Middle East war.

Olalekan Ogunleye, Executive Vice President of NNPC, stated that buyers are looking more to Nigeria because of its proximity and size of its gas reserves.

Nigeria LNG (NLNG), of which NNPC, the largest shareholder is a part, is able to export up?22 millions metric tons annually and is currently building a 7th?production train that is scheduled for completion in 2027.

We are in the middle market. Ogunleye stated that we are only 10 days away from Europe and the Atlantic Basin, as well as Asia. "We see opportunities for commercial growth, on top of having the largest gas reserves in Africa."

Ogunleye stated that the demand for natural gas is resilient and that current geopolitical tensions will not derail it. He stated that NNPC 'has begun talks to add two new LNG trains, and is pursuing a 12 million metric tonnes per annum (mtpa), LNG project along with gas-based industrial centers in Nigeria.

Martin Houston, an?long-time LNG developer and advisor, said that the U.S./Israeli war against Iran has increased the need for buyers?to diversify supply risks. He added that 'African and South American nations with gas already discovered, but no current market, could benefit from the rising interest in new LNG supplies including floating LNG options. Curtis Williams, reporting from Houston; Nathan Crooks, David Gregorio and David Gregorio edited the report.

(source: Reuters)