Nigeria LNG’s first-quarter revenues totaled more than $3 billion, up sharply from $1.9 billion in the year-ago quarter on higher exports, a spokeswoman said Wednesday.
“The first quarter of 2012 has gone very well for us at NLNG,” said the spokeswoman, Siene Allwell-Brown. “We have had full gas sufficiency throughout the period, while our costs were well-managed below the target we had during the year.”
The Bonny LNG plant is owned by state-owned Nigeria National Petroleum Corp. (49%), Shell (25.6%), Total (15%) and Eni (10.4%). It has combined capacity of 22 million mt/ yr of LNG (equivalent to 2.8 Bcf/d of gas) from six trains.
NLNG said in March said it shipped a record 330 LNG cargoes last year from Bonny LNG, bringing it $10 billion in revenues.
Nigeria exported 18.86 million mt in 2011, equivalent to 330 standard-sized cargoes of about 57,000 mt (equivalent to 2.7 Bcf of gas) each, according to sources. In 2010, NLNG exported 17.97 million mt, and in 2009 it exported a relatively small amount of 11.62 million mt, because Shell’s Soku gas-processing plant, which provides about half of the feed gas to NLNG, was shut much of the year due to illegal tapping of pipelines by local groups in an effort to steal condensates.
NLNG has suggested it would build a seventh train that would increase Bonny production capacity to 30 million mt/yr. The company would acquire six new LNG tankers ahead of the increased output, Allwell-Brown said.