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Germany and Nigeria have signed two Memorandums of Understanding (MoUs) - one on the supply of gas and $500 million worth of renewable energy projects.
The one MoU is between Riverside LNG of Nigeria and Johannes Schuetze Energy Import of Germany on a gas export partnership.
CEO of Gaslnvest David Ige, who signed the gas supply MoU, said the LNG project will supply energy from Nigeria to Germany. This should hopefully deal with around 50 million cubic feet per day of flared gas in Nigeria.
"The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.
"The first gas will leave Nigeria for Germany in 2026, and there will be further expansion, This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany," said Ige.
Frank Otto, CEO of Johannes Schuetze Energy Import, described the new partnership as a "big deal" for the German market. The gas MoU follows on the heels of Germany starting talks with Nigeria on importing hydrogen to bolster the European countrys energy security.
According to the US Energy Information Administration, Nigeria held an estimated 206.5 trillion cubic feet (Tcf) of proved natural gas reserves reserves at the beginning of 2023. |
