Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday.
He noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020.
NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world, after Qatar, Malaysia and Australia.
Omotowa, however, said with no new investments to support Nigeria’s position in the global LNG market, the country’s position would possibly drop to 10th by 2020.
NLNG posted a 36.6% drop in its revenue in 2015 due to declining oil and gas prices. Low crude prices, that fell more than 70% from 2014, hit NLNG’s revenue as most of the company’s contracts are indexed to oil.
NLNG, dispatched a total of 3,500 cargoes in 15 years, he told This Day, adding that the company also ordered for six new vessels with five already delivered.
NLNG is a joint venture compromised of Nigerian National Petroleum Corporation, NNPC (49%), Shell (25.6%), Total (15%), and Eni (10.4%).