• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 18 mins SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 25 mins To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 3 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 3 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 3 hours IMO 2020
  • 14 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 5 hours EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 4 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 14 mins On the hobby side of things
  • 14 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 16 hours Cap and trade: What could Oregon’s carbon policy cost you?
China Launches World’s First Smart Oil Tanker

China Launches World’s First Smart Oil Tanker

China unveiled the world’s first…

Trump’s Iran Standoff Dominates Oil Markets

Trump’s Iran Standoff Dominates Oil Markets

Tensions between the U.S. and…

U.S. To Move In On Africa’s LNG Market

LNG

Africa could become the next market for growing U.S. exports of liquefied natural gas, Energy Secretary Rick Perry told media at the Africa Oil Week in Cape Town. The official discussed LNG exports with a number of African government officials, including ones from Nigeria, the Ivory Coast, and South Africa.

“We talked about a lot of opportunities -- LNG, coal, but it all goes to the issue of power and power being able to be delivered into places that don’t take electricity for granted," Perry said.

As many as six hundred million people in Africa lack direct access to electricity, which is what many these new exports will go towards generating. South Africa already has plans in place to buy LNG from Cheniere Energy, and other LNG producers are preparing to bid in tenders in Africa. Still others—including Exxon—are interested in developing the continent’s own natural gas resources.

Indeed, Africa’s gas market is still nascent, but it has substantial growth potential thanks, above all, to the fast growth in electricity demand and the fact that as a power generation fuel, natural gas and LNG are significantly cheaper than oil. For now, this market is the fastest-growing in the world.

Related: The Impact Of EVs On Commodities In One Chart

There are plans to increase Africa’s power generation to 30 GW by 2030, which would mean an additional consumption of 42 million tons of LNG annually. This sharp increase in LNG shipments as well as the launch of local projects would create the need for a gas pricing index, two government officials from the continent told Reuters at the Africa Oil Week.

Africa already has some big LNG exporters, including top oil producers Angola and Nigeria, but also Equatorial Guinea and, from this year, Cameroon. LNG projects are planned in four more African countries, including Tanzania, Mozambique, Senegal, and Congo Republic.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Naomi on October 27 2017 said:
    Qatar played monopolist and limited supply to raise prices. The world is swimming in natural gas. The limiting factor is capital investment in wells, pipelines, and LNG transport.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News