The International Gas Union (IGU) has said that Nigeria’s Liquefied Natural Gas (LNG) export slumped by 1.8MT in 2022 on the back of force majeure declared as a result of the massive flooding during the period.
However, it did not stop Nigeria from emerging as the seventh global LNG exporter in 2022, according to the 14th annual edition of the IGU World LNG report released by the organisation.
In the list of the top 20 global LNG exporters for 2022, Australia ranked first, exporting 80.9 metric tonnes (MT) during the year, with the United States following closely in second place with 80.5 metric tonnes, while Qatar claimed the third spot with exports of 80.1 metric tonnes.
In the fourth position was Russia, exporting 33 MT in 2022, while Malaysia ranked fifth, exporting 27.3 MT even as Indonesia occupied sixth place with export of 15.7 MT, while Nigeria stood in seventh place with export of 14.7 MT.
Others included Oman in eighth place with LNG export of 11 MT, and Algeria in ninth place with 10.5 MT. Trinidad and Tobago was in the 10th place with 8.8 MT.
The report stated that a total of 19.9 MTPA of liquefaction capacity was added globally in 2022, of which 15 MTPA was from the US, 3.4 MTPA from Mozambique and 1.5 MTPA from Russia.
Mozambique also exported its first LNG shipment from its Coral South FLNG project in November 2022, Australia remained the world’s largest LNG exporter in 2022, exporting 80.9 MT, an annual increase of 1.9 MT, supported by reduced planned maintenance.
The US overtook Qatar to become the world’s second largest LNG exporter in 2022 despite Freeport LNG in Texas being taken offline following a fire in June 2022 which dented production capacity by 15.3 MTPA.
The document added that global LNG trade reached a new record of 401.5MT in 2022, up by 6.8 per cent as against 4.5 per cent in 2021, connecting 20 exporting markets with 462 importing markets.
Apparently, the 25.4 MT increase was driven by a surge in LNG demand in Europe to offset dropping pipeline flows from Russia.
In all, the top three exporters were together responsible for 60 per cent of global LNG output in 2022, the report noted.
“Of the 20 LNG exporting markets, six reduced exports last year. Large reductions in LNG exports were observed in Nigeria (-1.8 MT) due to low feedstock and force majeure being declared following extreme flooding,” it stated.
In her remarks, the IGU President Li Yalan, noted that spiking LNG demand from Europe and a lack of growth in global LNG supplies resulted in soaring gas prices amidst a tight market.
