Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that Nigeria will be able to send more Liquefied natural gas to Europe by next winter.
Gatekeepers News reports that Sylva said this after Brent, the global benchmark for crude, closed at $88.18 per barrel, a 5.01 percent drop on Wednesday.
Gatekeepers News reported that Vladimir Putin, Russian President, threatened to halt supplies of oil and gas from Russia if Price caps are imposed on Russia’s exports. Shortly after, the European Union proposed a price cap on Russian gas and this saw a drop in Brent Crude Price.
Sylva stated that security issues resulting from the war between Russia and Ukraine delayed the supply of gas to Europe, also considering Europe’s search for alternatives to the unstable supplies of Russian gas.
The minister, however, stated that Nigeria would need to build a pipeline for Nigerian gas through Algeria to Europe and the project would likely cost $10bn.
Sylva noted that The Nigerian National Petroleum Company Limited and the Algerian State Oil companies would be involved, and any other interested party is welcome.
