African Countries To Supply 30% Of World’s LNG by 2010

Nigeria, Libya and other African countries will supply 30 per cent of the world’s of Liquefied Natural Gas (LNG) by 2010, as against the present level of 12 percent, which the continent’s gas producers have been supplying. According to Nigeria Daily Independent, Africa had 50 million tones per year of LNG capacity at the end of 2005, with most of it in Algeria and Nigeria. African finds totaled nearly 25 percent of world liquids reserves discovered between 2000 and 2004 and 12 percent of world gas reserves discovered in the same period excluding the United States of American onshore and Canada. Companies in the region discovered 300 billion barrels oil equivalent. Two thirds of it liquids, in Africa, were discovered in 2004. Of that, 85 percent has been found in 10 basins, and 22 per ent is in Libya's Sirte basin alone. Africa's remaining liquids resources at the end of 2004 is estimated at 105 billion barrels. A substantial part of Africa's oil production growth would come from new giant fields in Nigeria, Angola, and Algeria. Giant deepwater discoveries off Angola and Nigeria are expected to add more than 2.2 million barrels per day. Indigenous African oil companies, which are increasingly competing with international oil companies for access to hydrocarbon resources, hold 216 licenses in Africa, compared with 95 licenses 10 years ago. (Source: Nigeria Daily Independent)