Nigeria and Indonesia have in recent years lost their top five liquefied natural gas exporting status, according to a Reuters survey.
The data of LNG bearing tanks, reviewed that the United States has reduced the market share of these two countries and now holds 10 per cent of the gas market.
The report found that in the last two months, the order of the largest exporters has been Australia, Qatar, US, Canada and Malaysia.
Nigeria and Indonesia had previously vied between themselves to occupy one of the five slots.
According to the survey, the large volume of gas been pumped-out by the US is causing the price of the commodity to trend downward.
The report also said that 46 million tons per annum gas exporting plants in the US are already in operation or ramping up.
On the other hand, the Nigerian Liquefied Natural Gas Ltd produces 22 mtpa of gas annually.
It is still sourcing funds to expand its production to 30 mtpa.
Nigeria is still harbouring plans of constructing an ambitious gas pipeline that terminates at Morocco, in order to keep European markets in sight.
News AddThis : Original Author : SaharaReporters, New York Disable advertisements :
https://ift.tt/2UsmBHf
Post a Comment