Gazprom comes knocking in Nigeria

A woman carries a fish, known locally as epuya, at a fishing port in Badagry division of Lagos October 18, 2007. Fishermen said that such a catch was not common. REUTERS/Akintunde Akinleye (NIGERIA)

Big fish: Gazprom is setting its sights on Nigeria's vast gas reserves

AKINTUNDE AKINLEYE

related stories

Jonathan Davis

 07 January 2008 02:18 GMT

Russia's gas export monopoly Gazprom is in talks with Nigeria to spend up to $2.5 billion on developing the west African country’s vast natural gas reserves, a senior Nigerian gas official said today.

"Gazprom has come twice to visit the federal government. They want to invest in Nigeria in gas exploitation, gathering and processing," a senior Nigerian government official working on gas policy told Reuters.

Gazprom has offered to invest between $1 billion and $2.5 billion to begin with, he added. A Gazprom spokesman was not immediately available to comment.

Nigeria is the world's eighth-biggest exporter of crude but even though it has the seventh-largest proven gas reserves in the world it has not developed its gas industry to anywhere near full potential.

Investors say the lack…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index