With the shale gas boom in the United States and huge discoveries in Australia and East Africa amid the sustained low global oil price, Nigeria’s LNG projects including the Train 7 face increasing competition from other projects in reaching final investment decision.
A new report released by LNG Industry on Wednesday said even as non-LNG exporting nations led by Mozambique and Tanzania sought to develop and monetise their recent discoveries, key Nigerian projects had not advanced in the last couple of years due to reservations over the country’s long-awaited Petroleum Industry Bill.
Samsung Heavy industries Nigeria, in partnership with the Nigeria Liquefied Natural Gas, has sent over 60 Nigerian youths for training at the SHI shipyard in Geoje, South Korea.
With the shale gas boom in the United States and huge discoveries in Australia and East Africa amid the sustained low global oil price, Nigeria’s LNG projects including the Train 7 face increasing competition from other projects in reaching final investment decision.
Determined to boost the nation’s income from the sector, President Muhammadu Buhari on Tuesday said his administration will undertake appropriate reforms and implement fresh policies in the oil and gas production.
Members of the Organisation of Petroleum Exporting Countries (OPEC) have continued to suffer huge drop in yearly revenue as a result of the uncertainty of oil prices.
Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June.
