Another major threat to Nigeria’s earnings from the oil and gas sector appears to be emerging, as the United States (U.S) is due to launch her first Liquefied Natural Gas (LNG) export cargo to the international market, FT reports.
Cheniere Energy Inc. is due to load the first LNG cargo ever to be exported out of the United States, pending some minor delays, World Oil reports. According to The Guardian, Nigeria currently exports 22 million tons of LNG, making it the world’s fourth-largest exporter of the product, but the U.S is fast working on liquefaction projects that would position it for an 84.3 million tons yearly capacity, a situation which may shrink Nigeria’s share of the market.
The Chief Executive Officer, Frontier Oil Limited, Thomas Dada, said recently: “The U.S is becoming an LNG exporter to the world market today. They have always been an importer of LNG, but now they are going to hit the export market. And remember they can sell to the pacific, farther than we can. The Congress approved the export one year ago, and a year latter, they have started exporting, it did not take them 10 or 20 years like it takes us here in Nigeria”.