Nigeria’s tough economic realities caused by the continuous fall in global crude oil prices may worsen as the country’s other source of revenue, gas, is currently being threatened at the international market, the Nigeria Liquified and Natural Gas company has warned.

The NLNG also noted that the fall in global oil prices would continue till the end of 2015, adding that it might worsen in the coming year.

The firm, in a communique that was made available to our correspondent in Abuja, expressed worry over the impact which the fall in crude prices was having on its revenue, stressing that the entry of the United States and Australia into the LNG market was “a real cause for concern.”

The communique which summarised the third NLNG commercial division external stakeholders forum that was held in Abuja, noted that although these challenges were being managed, the regulatory environment had shown increasing uncertainties.

The firm said, “The recent fall in crude oil prices from above $100/bbl ($100 per barrel) in early 2014 to below $60/bbl in early 2015 and its impact on global LNG/gas prices as well as the demand/supply positions in both our primary and secondary markets in the Atlantic and Pacific Basins have had a significant impact on our revenues and profitability.

“The trend which will persist till the end of 2015 and which may even worsen going into 2016 with the entry of US and Australian LNG volumes into the market is a real cause for worry.”

Nigeria has one of the largest gas reserves in the world and is the second largest supplier of LPG globally, supplying four million tons of the product per annum. In Nigeria, LPG is primarily used as cooking gas.

Although NLNG is the primary source of LPG in Nigeria, a bulk of supply into the country is being imported.

http://www.punchng.com/business/business-economy/nlng-panics-as-us-australia-enter-gas-market/

Nigeria and other oil producing countries were warned years back to save for this scenerio, madam Okonjo was busy telling us we needed not fret as China and India will still buy our oil and gas.
GEJ made sure he depleted our reserves instead of saving and here we are.
God save us all

That's impossible... USA and Australia won't dare it. Haven't they heard buhari's body language?

Of course anotheR APC robot above me, always blaming GEJ....

very good news

OldJohn:
That's impossible... USA and Australia won't dare it. Haven't they heard buhari's body language?

Of course anotheR APC robot above me, always blaming GEJ....

Y'all killing me with this body language ish.

There is dark clouds on the horizon, how can we continue to depend on Oil and gas for survival.


I still have hope thhat buhari will stabilise the price of GAS.

Good News

lalasticlala, Ishilove please front page o.

[s]

Yeske2:
Nigeria and other oil producing countries were warned years back to save for this scenerio, madam Okonjo was busy telling us we needed not fret as China and India will still buy our oil and gas.
GEJ made sure he depleted our reserves instead of saving and here we are.
God save us all

[/s]

rubbish

Ok

This government now have the perfect excuse not to fulfill any of their promises.

USA and Australia coming to the market with massive gas, Iran will bury Nigeria economy if they are finally allowed to export oil. For over 50yrs this country exploited Niger Delta without mercy.
Am only feeling sorry for that parasitic region that have grown so lazy becos of free Niger delta oil money.

hm

Great...at least States would no longer rely on income from NLNG to pay salaries

Hahahahahahahahahahahahahahahahahaha.where is lie mohammed?

And they are delaying projects that will increase market share for Nigeria, Brass and OKLNG how market na?

It's [size=20pt]LadyF[/size] again

Nice. Anything that reduces our dependency on oil and gas is welcome change in my book. Time to start investing in education, science and agriculture just like everyone else. May the best country win

Wailerinho.. keep wailing o... when your throat is dry, i will come take my shift....

lincolnj88:
bubu body odour will handle dat...
Na small thing...
Him body language will push America ans Australia back to the cave... So I nor dey fear but I dey wail for people wen put hope for bubi

are we wailing woo woo or waa waa

bubu body odour will handle dat...
Na small thing...
Him body language will push America ans Australia back to the cave... So I nor dey fear but I dey wail for people wen put hope for bubi

Yeske2:
Nigeria and other oil producing countries were warned years back to save for this scenerio, madam Okonjo was busy telling us we needed not fret as China and India will still buy our oil and gas.
GEJ made sure he depleted our reserves instead of saving and here we are.
God save us all

you're getting it twisted... NOI shouted out for the state and fed govt to save via the SWF but "dickhead" amaechi and co thwarted the plan.

Una neva see anything

reality sets in

No cause for alarm:

We will soon diversify our economy into solid minerals and agriculture.

In God we trust; in Buhari we believe.


God bless Nigeria.

Ok

GAS is a waste product of crude.... Soo we shouldn't panic.... We are capable but the useless governments refused to diversify our economy

why are they panicking?

We nEed to criosly pray for our country. Meanwhile ponder on this.

PDP was created as a coalition to wrest power from the military, the APC was a merger of several interest groups set up to wrest power from the PDP.........................notE thiS and ponder on it.

Yeske2:
Nigeria and other oil producing countries were warned years back to save for this scenerio, madam Okonjo was busy telling us we needed not fret as China and India will still buy our oil and gas.
GEJ made sure he depleted our reserves instead of saving and here we are.
God save us all

Sir,
Blame it on Jonathan, if that will help you.