The group wants to increase LNG imports from Nigeria.
According to the deputy director general of the European Commission’s Energy Department, the EU intends to expand its imports of liquefied natural gas (LNG) from Nigeria amid worries that the supply from Russia may be reduced.
According to Matthew Baldwin, who spoke at a news conference in Abuja on Friday, “Europe is in a tight place about gas, following the Russian invasion of Ukraine and the instability in our gas market and the threat of shutting off supply completely.”
To replace the gas from Russia with gas from trusted partners, he said, “we have established the energy platform task force, and the main objective is to reach out to our reliable partners, such as Nigeria.”
Nigeria’s largest LNG customer is the EU, which buys 14% of the nation’s total gas needs and receives 60% of all LNG shipments from Nigeria.
Baldwin was cited as saying, “We want to expand what is already a 14 percent share of total LNG imports from Nigeria, we want that to go up.”
The EU wants to increase its short-term LNG imports from Nigeria, he continued, but “at the present, the capacity, the utilization rate of Nigerian LNG is very low.”
Baldwin claimed that although the purpose of his current visit to the African nation is mostly fact-finding, representatives will reassemble in August to continue their conversations.
The representative of the European Commission tweeted about the discussions in Nigeria and stated that there was “great potential to replace Russian gas.”
The majority of LNG is imported by the EU. The group bought 80 billion cubic meters of LNG in 2021. The US (28 percent), Qatar (20 percent each), Russia (10 percent), Nigeria (14 percent), and Algeria are the union’s top LNG suppliers (11 percent ).
The greatest natural gas supplier to Europe is Russia (41 percent of all EU gas imports as of 2021). The REpowerEU initiative, which aims to lessen Europe’s reliance on Russian energy imports, was however introduced earlier this year in response to the crisis in Ukraine. These have recently decreased as a result of technical issues, Russia’s response, and the EU’s anti-Russia sanctions and their effects. Currently, Europe is looking for alternatives to Russian gas imports out of concern that the situation may worsen.