• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 4 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 15 hours Will Uncle Sam Step Up and Cut Production
  • 28 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 2 days Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 16 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 4 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 12 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Andy Tully

Andy Tully

Andy Tully is a veteran news reporter who is now the news editor for Oilprice.com

More Info

Premium Content

Nigeria Offers To Step In If Russian Gas To EU Is Interrupted

Nigeria says it is prepared to help Europe meet its long-term needs for gas at a time when there is concern about the western flow of Russian gas through Ukraine.

The office of Diezani Alison-Madueke, Nigeria’s oil minister, issued a statement on June 25 saying she discussed Nigeria’s offer with EU Energy Commissioner Guenther Oettinger in Brussels during the EU-OPEC Energy Dialogue Ministerial Meeting.

The statement quoted Alison-Madueke as saying such a deal between her country and the EU would be mutually beneficial. Nigeria is interested not only in helping Europe meet its long-term supply needs, she said, but also “to expand [Nigeria’s] gas market.”

Alison-Madueke’s statement said Nigeria has more than 180 trillion cubic feet (tcf) of known gas reserves, as well as an estimated, but as yet unproven, reserves of up to 600 tcf. Nigeria is currently the eighth-largest producer of gas in the world and the sixth largest supplier of gas to Europe.

To expand this market, she told Oettinger, Nigeria has been planning strong investment to increase its capacity to produce and export gas, especially once it completes several liquid natural gas (LNG) projects.

Nigeria’s offer comes at a time when Europe’s demand for gas is rising and as tensions grow between Russia and Ukraine. EU countries get one-third of their gas from Russia, and of that, one-half now flows through Ukraine.

Related Article: 5 Things Ukraine Must Do To Become Energy Independent

The flow of Russian gas to Europe via Ukraine has twice been interrupted since 2006, and today Ukraine itself is receiving no Russian gas because of unpaid arrears, though the supply of Russian gas to Europe has not been interrupted.

For his part, Oettinger said he recognizes Nigeria’s potential to be a valuable supplier of gas to Europe and welcomed further discussions on how to increase the EU’s cooperation with the government in Abuja.

The two ministers’ meeting followed Alison-Madueke’s keynote address to the Brussels meeting. Speaking as alternate president of the OPEC Conference, she focused on what she called the strength of EU trade and energy relations with Nigeria, noting that her country supplies Europe with more than 30 percent of its oil and almost 20 percent of its gas.

By Andy Tully of Oilprice.com




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Abasiama on June 29 2014 said:
    I hope it signals better things to come for the Nigerian Oil and Gas Sector and hopefully the community in Abuja welcomes the proposal

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play