Nigeria, Egypt, South Africa, Mozambique, Senegal, and Mauritania have been identified as African countries that will spur investment in Liquefied Natural Gas (LNG) on the continent to about $103 billion this year.
Holding about 7.1 per cent of proven global gas reserves, a report yesterday, from the 5th Gas Summit in Malabo, Equatorial Guinea, said the continent will contribute nearly 10 per cent of global LNG production growth through to 2024.
It added that on the demand side, Africa’s large, urbanised and industrialised societies of the future would require reliable and sustainable power generation.Citing greenfield investments in Nigeria, Egypt, Mozambique, and other locations on the continent reaching nearly $103 billion this year, Africa was urged to focus on liquefaction as the most profitable strategy for realising its gas potential.
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According to the report, Nigeria alone accounts for over 50 per cent of current LNG production capacity on the continent as the country awaits a final investment decision on the $12 billion expansion of the country’s liquefaction plant at Bonny Island in Rivers State.
In North Africa, Egypt has successfully re-established itself as an important investment destination following the downturn in the gas sector in 2014, it added.
The report said: “In the first half of 2019, the behemoth Zohr offshore gas field produced 11.3 billion cubic meters – 3.6 times more than it did in 1H2018. The success is set to continue with reports earlier this year of a new Eni discovery in the Nour North Sinai Concession/