Putin panics as Nigeria offers to plug EU’s Russian gas supply gap over Ukraine invasion

EU ‘needs to be less dependant’ on Russian gas says Michel

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The EU’s new energy strategy, published earlier this month, details how it will slash energy ties with Russia. The bloc plans to cut Russian oil and gas imports by two thirds by the end of the year and permanently part ways with Russia by 2030. But as the EU currently depends on Russia for 40 percent of its gas, 25 percent its oil imports and 46 percent of its coal, it sparked fears around its energy security.

The strategy involves encouraging boosted imports from alternative producers of liquified natural gas (LNG), such as the EU.

Now, Nigeria has stepped in to present itself as a new alternative.

In a meeting on Friday, March 25, with EU diplomats in Abuja, Nigerian Minister for Petroleum Resources, Timipre Sylva said that his country is ready to become an alternative gas supplier to the bloc.

Mr Sylva encouraged energy giants like Shell, Eni, and Total Energies, to ramp up investments in the Nigerian gas sector.

This also comes after Shell pulled out of Russian energy projects worth billions in response to Russia’s war in Ukraine.

Mr Slyva said: “We would like to be reliable partners to solve the energy problem in Europe and we can only achieve this by working together.

“It is only when investment in these areas is increased that Nigeria can meet that obligation.”

Data from 2015 shows that Nigeria produced over 3,000,000 million cubic feet (MMcf) of natural gas, making it the 12th largest producer in the world at that time.

Around 31 percent of that natural gas was exported to other countries.

As the EU is hoping to diversify gas sources as part of its new strategy, Nigeria has seen the opportunity.

But other countries are racing to sell energy to Europe too.

The US has said it will work to supply 15 billion cubic metres (bcm) LNG to EU markets this year.

Last week, a fact sheet released by the White House said the Commission will be working with EU member states to ensure they can receive about 50 bcm of additional LNG until at least 2030.

Also eager to take a slice of the pie is Algeria, which already sends significant volumes of gas to Spain, Italy, and Portugal.

Algeria, Niger, and Nigeria recently struck a deal to build the multi-billion, 4,128 km Trans-Saharan Gas Pipeline.

DON’T MISS 
Macron humiliated by Germany for being ‘dishonest’ over Russia crisis [REVEAL] 
India to step in and BACK Russia after Biden’s Putin comment [REPORT] 
Russia to be ‘big losers’ after threatening UK project – NASA steps in [INSIGHT]

It will run through the three countries into Europe, transport 30 billion cubic meters of gas per year once it comes online.

The three partners are scrambling to attract commercial investment in the project.

Mr Sylva slated the EU for previously ignoring Nigeria’s resources and slashing investments in fossil fuels.

He said: “One of the things we warned against earlier was the speed with which EU was taking away investments in fossil fuels.

“We warned that the speed was faster than they were developing renewable energy.

“You can see now that what we were warning against is what is happening now.

“In the last 10 years, over $70billion (£53billion) worth of investments came to Africa, but sadly less than $4billion (£3billion) came to Nigeria.

“Surprisingly, we are the biggest in Africa. If we cannot attract investments to Nigeria, you know where we are heading.”

Now, the EU’s Foreign Policy chief Josep Borrell has admitted that the bloc has been negotiating with gas-producing countries, including Algeria, about ramping up LNG production.

Source: Read Full Article

Previous post China developing terrifying ‘doomsday’ trains to carry nuclear missiles weighing 80 tonnes
Next post Zendaya Reveals This About Her Oscars 2022 & After Party Red Carpet Looks…