Oil and gas news | Nigeria becomes a source of gas and oil for Russia’s neighbour

Poland is attempting to reduce its dependency on Moscow while looking for measures to address the energy issue.

In order to prevent additional increases in local energy prices, Poland intends to increase its imports of crude oil and liquefied natural gas (LNG) from Nigeria, according to Andrzej Duda, the country’s president, who was in Nigeria on Tuesday.

“Today’s discussions on energy security are crucial for us because we covered both LNG and oil supplies from Nigeria to Poland and the EU… I’m hoping that the discussions we’ve had and the meeting between the Polish and Nigerian business communities will be successful,” Duda remarked, as reported by TASS.

The president claims that Poland has just purchased LNG and crude oil from Nigeria, but plans to boost exports soon.

He was quoted as stating, “We would like to develop this partnership and we would like to see more of these supplies coming to our country from Nigeria in the future.”

One of the EU’s more outspoken critics of Russian energy is Poland. The country used to get up to 10 billion cubic meters of gas annually from Russia through the Yamal-Europe pipeline, but after the conflict in Ukraine broke out earlier this year, it vowed to cease its dependence and ended its Russian gas arrangement.

But Poland is currently experiencing an energy problem that seems to be related to these choices. Following the loss of Russian supplies, it was revealed last month that the nation’s state-owned oil and gas business, PGNIG, was actively taking out loans to purchase gas on the spot market. The ultimate cost of energy for homeowners has been rising as spot rates are currently far higher than the long-term contracts Russia offers. By the end of 2022, gas prices in the nation might be up to three times higher than they were in the previous year, according to ORLEN predictions.

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