Naira to Gain as Portugal Moves to Import More LNG From Nigeria
- Portugal has announced its willingness to increase liquified natural gas purchases from Nigeria and the US
- The country said that development was due to its declining reliance on Russian gas, which stands at 4.4%
- The country imported 49.141 gigawatt-hours of GWh of LNG in 2024, 96% of which was LNG.
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Portugal aims to increase purchases of liquified natural gas (LNG) from the US and Nigeria to end its declining supplies from Russia.
Data from electricity and gas grid operators shows that the country imported 49.141 gigawatt-hours (GWh) of LNG in 2024, 96% of which was LNG.
Source: Getty Images
Portugal imports 51% of its gas from Nigeria
Of that amount, Nigeria accounted for 51% of those LNG deliveries, while 40% came from the US and 4.4% from Russia.
Reuters reports that in 2021, Russia accounted for 15% of Portugal’s LNG supply.
However, due to the reckless invasion of Ukraine in 2022, the EU implemented crippling sanctions against Russian oil and gas imported via pipelines and prevented LNG import via ship into Europe.
According to Graca Carvalho, the country is now practically independent of Russian gas but aims to reduce the figure further by importing more from Nigeria and the US.
Trump's move to boost US energy production
According to reports, President Donald Trump threatened the EU with tariffs if they did not increase their purchases of US energy.
Legit.ng earlier reported that Trump planned an executive order and a declaration of an energy emergency to boost US oil and gas production, which could negatively impact Nigeria’s demand and revenue.
The development comes as oil prices declined to $80 per barrel from $83 per barrel on Monday, January 20, 2025, as traders anticipated Donald Trump's clarification of his agenda.
The US tops the list of oil buyers from Nigeria
The US is a bulk buyer of Nigeria’s oil, as data shows that the country led the list of top buyers in 2024.
Other countries that patronise Nigeria’s oil include France, Spain, The Netherlands, Italy, Canada, Indonesia, India, Ivory Coast and the United Kingdom.
Analysts say the planned executive order could severely impact Nigeria’s revenue and oil production.
According to reports, US oil and gas imports from Nigeria stood at $4.73 billion in 2023, up from $4.02 billion the year before.
Trump planned production increase to affect Nigeria.
Experts say the planned production increase could cut Nigeria’s oil export to the US and impact Nigerua’s 2025 crude oil production target.
Meanwhile, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), explained how the Nigerian government convinced foreign investors to increase oil production to 1.8 million barrels daily.
The minister narrated that from one million barrels per day in 2023, Nigeria’s oil output now stands at 1.8 million.
NNPC begins gas Shipments to Japan, China
Legit.ng previously reported that the Nigerian National Petroleum Company Limited (NNPC) says it has commenced the shipment of liquified natural gas (LNG) cargoes to Japan and China on a delivered ex-ship (DES) basis.
Delivered ex-ship (DES) is an international commercial term requiring the seller to provide products or goods at a specific port.
The seller is responsible for shipping and insurance until the products arrive at the specified delivery port.
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Source: Legit.ng
