Liquefied Natural Gas projects in Nigeria, Egypt, Mozambique and elsewhere on the African continent are expected to attract nearly $103bn investments this year. According to a statement ahead of the 5th Gas Summit of the Gas Exporting Countries’ Forum in Malabo, Equatorial Guinea, it is clear that gas liquefaction is viewed as the most profitable strategy for realising Africa’s gas potential. “Africa is an exciting frontier in the global natural gas sector.
The continent holds 7.1 per cent of proven global gas reserves and is expected to contribute nearly 10 per cent of global production growth through to 2024,” the statement said. It said on the demand side, Africa’s large, urbanised and industrialised societies of the future would require reliable and sustainable power generation.
According to the statement, Nigeria accounts for over 50 per cent of the current LNG production capacity on the continent, with October 2019 seeing a final investment decision on the $12bn expansion of the country’s liquefaction plant at Bonny Island in Rivers State.