FG Sees $13bn Trans Sahara Gas Project Opportunity to Tap into EU Market
The Federal Government says the 13 billion dollars Trans Sahara Gas Pipelines (TSGP) project will present a huge opportunity for Nigeria, Niger and Algeria to tap into the European markets.
The project, which would run from Nigeria through the Niger Republic to the Mediterranean Coast of Algeria would also target gas supplies to Chad and Mali.
Chief Timipré Sylva, Minister of State for Petroleum Resources at a meeting of the parties in Abuja on Monday, said Nigeria and its African partners, Niger and Algeria had intensified efforts to actualise the project.
According to the minister, it will bring their huge gas resources closer to the European market, especially with the high cost of gas occasioned by the war between Russia and Ukraine.
“The project takes our gas to the European market directly. Today a lot of gas in Nigeria is stranded or re-injected because there is no infrastructure to take the gas to market.
“This project is going to take the gas all the way from where it is produced to the European market, and it cannot be a better time, because gas prices are quite firm at this point.
“I believe that it is a very good time for us to take advantage of very high gas prices globally,” he. Sylva said that besides taking the gas to European markets, the project would boost economic growth on the African continent. He said it would firstly, create a corridor for development across Africa.
“Chad is also not far away from the corridor of this project. So this project has a lot of potential for growing the economies of African countries, West African countries and North Africa,” he said.
Minister of Petroleum, Niger Republic, Mahamadou Mahamane said the countries were ready to pull their resources together to ensure that the project was achieved. Mahamane underscored the need to get the project going, saying it would promote regional cooperation as well as earn revenue for the countries.
In an address, the Algerian Minister of Energy and Mines, Mohamed Arkab, said the reactivation of the project would boost economic development of the countries and assist them to achieve carbon neutrality in line with global energy transition.
Arkab recalled that a meeting had been held in Niamey on Feb. 16, within the framework of the reactivation of the Trans-Saharan Gas Pipeline Project.READ: OPEC+ to Raise Oil Production 432,000 Bpd
Highlighting the progress made by the countries, he said the declaration had been signed by the three parties and the roadmap agreed on. He said it was indeed a tangible sign of the willingness of all of them to move further on the TSGP project, with the aim of launching the updating of its feasibility study.
“While being fully part of the project aimed at decarbonising the oil and gas industry in short term, and at achieving carbon neutrality in the longer term, we remain convinced that a global and efficient energy transition cannot take place without the contribution of hydrocarbons.
“As such, natural gas presents itself as an energy of excellence to ensure this energy transition while ensuring the security of the supply of markets, whose demand is only increasing.
“I invite all the parties and teams to participate actively in the realisation of this important project, within the required deadlines. # FG Sees $13bn Trans Sahara Gas Project Opportunity to Tap into EU Market
