• LNG Exports Drops To 19.6bcm, Lowest In Last Decade
This may not be the best of time for Nigeria’s hydrocarbon sector, as its natural gas production declined to 40.4 billion cubic meters (bcm) in 2022.
The June 2023 Statistical Review of World Energy Report revealed that the nation’s Liquefied Natural Gas (LNG) export declined to 19.6 bcm in 2022, the lowest in 10 years.
Giving a detailed performance of the past 10 years, the report underscored the fact that Nigeria’s current natural gas production levels are not significantly higher than those recorded in 2012. It highlighted the fluctuations observed in Nigeria’s natural gas production between 2012 and 2022, with the highest production occurring in 2020.
The production data revealed that: “In 2012, Nigeria produced 39.2 billion cubic meters of natural gas, which decreased to 33.1 billion cubic meters in 2013. The production increased to 40 billion cubic meters in 2014, followed by a further rise to 47.6 billion cubic meters in 2015.
“In 2016, the production slightly dipped to 42.6 billion cubic meters, but experienced an upturn in 2017, reaching 47.2 billion cubic meters.
“The upward trend continued in 2018 with 48.3 billion cubic meters of natural gas produced, and in 2019, Nigeria recorded a production of 49.3 billion cubic meters. The production remained relatively stable at 49.4 billion cubic meters in 2020, but declined to 45.2 billion cubic meters in 2021.
“In 2022, Nigeria’s natural gas production further decreased to 40.4 billion cubic meters,” it stated. Noting that LNG exports play a significant role in Nigeria’s natural gas value chain, the annual LNG export volumes revealed that in 2012, Nigeria exported 27.9 billion cubic meters (bcm) of LNG, which decreased to 22.5 bcm in 2013.
There was a slight increase in 2014, with Nigeria exporting 26.1 bcm of LNG, and in 2015, the export volume reached 26.9 bcm. However, the export volume declined to 24.6 bcm in 2016, but rose again to 28.3 bcm in 2017. The export volume remained relatively stable at 27.8 bcm in 2018, and in 2019, Nigeria recorded an export volume of 28.8 bcm.
The export volume for 2020 was 28.4 bcm, but experienced a noticeable decrease in 2021, dropping to 23.4 bcm.
Meanwhile, in 2022, Nigeria faced the lowest LNG export volume in the past 10 years, amounting to only 19.6 bcm.
“It is important to note that the global natural gas demand declined by three per cent in 2022, falling below the four trillion cubic meters (tcm) mark achieved for the first time in 2021,” it stated.
