Nigeria LNG’s revenue drops 37 pct in 2015

Nigeria LNG, operator of the giant Bonny export plant, posted a 36.6% drop in its revenue in 2015 due to declining oil and gas prices.

Low crude prices, that fell more than 70% from 2014, hit NLNG’s revenue as most of the company’s contracts are indexed to oil.

NLNG earned US$6.84 billion in 2015, as compared to $10.8 billion in the year before, according to NLNG’s annual report posted on the company’s website on Wednesday.

NLNG currently has 16 long term LNG sale and purchase agreements (SPAs) executed with 11 buyers on a DES basis.

These buyers include Enel, Gas Natural, Botas, Engie, GALP Gas Natural, BG LNG (now part of Shell), Endesa, ENI, Iberdrola, Shell International Trading Middle East Ltd and Total Gas and Power Ltd.

The Bonny Island facility currently has six trains in operation with a total capacity of some 22 mtpa of LNG.

According to the report, NLNG’s expansion plan under the Train 7 Plus project, which will raise the liquefaction capacity to over 30 mtpa, “continues to make progress” toward a final investment decision (FID). SPAs have already been executed with five buyers, the report said.

NLNG is a joint venture compromised of Nigerian National Petroleum Corporation, NNPC (49%), Shell (25.6%), Total (15%), and Eni (10.4%).


LNG World News Staff



Share this article

Follow LNG World News


<< Oct 2018 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

LNG Supply, Transport & Storage South Asia Forum 2018

LNG Supply, Transport & Storage South Asia Forum 2018 will address and propagate LNG imports…

read more >

Offshore Energy Exhibition & Conference 2018

Offshore Energy Exhibition & Conference (OEEC) is Europe’s leading offshore energy event.

read more >

LNG Philippines Forum 2018

LNG’s role in the Philippines’ energy mix will only get bigger…

read more >

5th Mozambique Gas Summit & Exhibition

Following the Summit’s success in 2017, the CWC Group in partnership with ENH and with the support and participation from MIREME and INP, are delighted to invite you to the 5th edition of the Mozambique Gas Summit & Exhibition taking place at a larger venue this year, the NEW Joaquim Chissano Conference Centre in Maputo on 31 October – 2 November 2018.

Recognised as the leading strategic meeting for Mozambique’s gas industry, the event addresses the entire gas and LNG value chain bringing together Government officials with industry stakeholders for 3 highly interactive days of networking and frank discussions aiming to establish Mozambique as the next international gas hub.

More info

read more >