• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 9 hours PETROLEUM for humanity 
  • 9 hours Why don't the other GOP candidates get mention?
  • 2 hours China's Blueprint For Global Power
  • 9 hours Disenfranchised people are angry people - map of global electoral systems
  • 8 hours Brexit agreement
  • 8 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 5 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 45 mins ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 14 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 18 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 16 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 15 hours 5 Tweets That Change The World?
The Complete History Of Oil Markets

The Complete History Of Oil Markets

Oil has arguably been the…

U.S. Sanctions Have Oil Markets On Edge

U.S. Sanctions Have Oil Markets On Edge

The frequency with which the…

Gazprom May Suspend $2.5 Billion Gas Project in Nigeria

Due to the Nigerian government’s ongoing delay in passing the Petroleum Industry Bill (PIB), Russian state-owned natural gas company Gazprom may suspend its investment in a $2.5 billion natural gas project.

Nigeria's proven gas reserves are 187 trillion cubic feet (tcf), with about 600 tcf additional in possible further reserves. While Nigeria is currently the world's seventh largest holder of proven natural gas reserves, the potential further reserves could catapult the nation into the world's top three nations in terms of total natural gas reserves, This Day newspaper reported.

In March 2010 Gazprom was among 15 oil companies selected by the Nigerian government as potential investors to help develop natural gas projects, as in 2008 the company signed a memorandum of understanding with the Nigerian National Petroleum Corporation on joint venture projects, covering petroleum, natural gas exploration and power generation.

Gazprom's Nigerian unit Chief Executive Officer Vladimir Ilyanin subsequently stated that any investment decision had to be after the general elections, stating that the company unveil its plans on the massive Nigerian project once the polls were over and the PIB signed into law. Now Nigerian energy analysts believe that Gazprom may have put the project, due to come online in 2015, on hold due to an "absence of clear rules."

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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