Liquefied natural gas exports from Nigeria are expected to reach 16.2 million tonnes in 2023, according to a report by Independent Commodity Intelligence Services.
Nigerian LNG exports decreased in 2022, down 15% from 2021, according to ICIS.
“We forecast Nigerian exports will rise slightly to 16.2 million tonnes, but still below the 17.1 million tonnes exported in 2021,” the report said.
It also revealed that due to the skyrocketing price of LNG following the commencement of the war in Ukraine, the assumption that Africa would resume LNG imports in 2022 did not materialize.
ICIS predicts that Senegal and Mozambique’s floating power plants won’t likely switch to gas-fired generation.
“Ghana, Senegal and Mozambique were all expected to receive their first cargoes to support power generation, but we no longer consider this viable in any noteworthy volume in the short-term.
“In Ghana, the Floating Storage and Regasification Unit that was briefly stationed at the Tema terminal – the Vasant – is now set to act as the new floating terminal for Turkey. The originally designated FSRU, the Torman II, remains in the Singapore shipyards,” it said.
The government expects the nation’s gas liquefaction plants to run at full capacity throughout 2023, according to the report.
It said, “After a weak second half of the year in 2022, Angola’s 5.4 mtpa Soyo plant finished the year strongly, and ICIS forecasts a slight recovery of around 0.4 million tonnes to around 3.8 million tonnes in 2023,” according to the report.
“Algeria experienced a weak 2022 in terms of LNG exports, seeing a drop of 1.5 million tonnes year-on-year. In 2023, however, ICIS expects a recovery of around 0.8 million to 11 million tonnes.”
