A new liquefied natural gas project off Africa's western coast may only be 80 percent complete, but already the prospect of a new energy supplier has drawn visits from the leaders of Poland and Germany.
A new liquefied natural gas project off Africa's western coast may only be 80 per cent complete, but already the prospect of a new energy supplier has drawn visits from the leaders of Poland and Germany.
While Africa's natural gas reserves are vast and North African countries like Algeria have pipelines already linked to Europe, a lack of infrastructure and security challenges have long stymied producers in other parts of the continent from scaling up exports. Established African producers are cutting deals or reducing energy use so they have more to sell to boost their finances, but some leaders warn that hundreds of millions of Africans lack electricity and supplies are needed at home.
Italy signed a $4 billion gas deal with Algeria in July, a month after Egypt reached an agreement with the European Union and Israel to boost sales of LNG. Angola also has signed a gas deal with Italy. Algeria is a major supplier -- it and Egypt accounted for 60 per cent of the natural gas production in Africa in 2020 -- but it can't offset Russian gas to Europe at this stage, said Mahfoud Kaoubi, professor of economics and specialist in energy issues at the University of Algiers.
Cash-strapped Egypt also is looking to export more natural gas to Europe, even regulating air conditioning in shopping malls and lights on streets to save energy and sell it instead. In Nigeria, ambitious plans have yet to yield results despite years of planning. The country exported less than one per cent of its vast natural gas reserves last year.
"If you look at the realities on ground -- issues that have to do with crude oil theft -- and others begin to question our ability to supply gas to Europe," he said.Even that isn't without issues: In July, the head of Nigeria LNG Limited, the country's largest natural gas firm, said its plant was producing at just 68% of capacity, mainly because its operations and earnings have been stifled by oil theft.
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